FHA Condo Rules Modified | More condos to be approved for FHA loans
Over the holidays FHA Condo rules were modified! Changes were made to condo policies making it easier for condos to be approved for FHA loans. The main FHA condo rules modified are: •Redefining “owner occupied,” streamlining the recertification process for Condo developments. Properties that aren’t strictly investor properties, such as second homes, will now be included in the percentage of units that are owner-occupied. FHA requires that 50 percent of the units in condo buildings be owner occupied in order to qualify for FHA certification. This means more complexes will qualify for FHA financing! •A streamlined recertification process internally for […]