According to a letter sent to lenders on Thursday, the FHA eased some requirements for financing the purchase of condominium units until August of 2014.
There is a new rule that will be put into place.
New Rule: No more than 15% of the total units can be delinquent by 60 days or more on their condo association fees.
Old Rule: No more than 15% of total units can be delinquent by 30 days or more on their condo association fees.
Rules that still in effect:
1. Half of the units to be owner-occupied for the projects completed more than one year ago.
2. Investors can own up to 30% of the units on some of the projects in order to qualify for FHA financing.
The Community Associations Institute, a trade group of community associations, pushed the FHA to revise the rules. With these changes, more Americans can obtain FHA-insured mortgages to purchase condominiums and help the condominium communities to recover from the housing slump.
Source: HousingWire.com
For condo property search in your area, go to BetancourtRealEstateGroup.com
There is a new rule that will be put into place.
New Rule: No more than 15% of the total units can be delinquent by 60 days or more on their condo association fees.
Old Rule: No more than 15% of total units can be delinquent by 30 days or more on their condo association fees.
Rules that still in effect:
1. Half of the units to be owner-occupied for the projects completed more than one year ago.
2. Investors can own up to 30% of the units on some of the projects in order to qualify for FHA financing.
The Community Associations Institute, a trade group of community associations, pushed the FHA to revise the rules. With these changes, more Americans can obtain FHA-insured mortgages to purchase condominiums and help the condominium communities to recover from the housing slump.
Source: HousingWire.com
For condo property search in your area, go to BetancourtRealEstateGroup.com
