How Do Changes to the FHA Condo Loan Rules Help You?
New rules made selling condos harder, reducing the buying pool to only 40% of potential home buyers. The good news is that FHA recently provided new guidance on its rules for certifying condo buildings!
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The changes mean that more buildings will now qualify for the required FHA ratio of owner-occupied units, vastly increasing both the supply of buildings and units available, and the pool of buyers that can now qualify for a loan.
What Does the FHA Require For a Condo to Be Approved? "Right of first refusal" in condo rules cannot violate discriminatory rules under the Fair Housing Act. In the meantime, you can tell FHA and Congress that Americans need accessible FHA condo loans.