FHA Condo Relief

FHA Condo Relief

Realtors and home buyers have been waiting for FHA financing restrictions on condominiums to ease, and finally it’s coming.

President Obama has signed the legislation in July to make FHA’s recertification process substantially less burdensome and will lower owner-occupancy requirement from 50% to 35%.

Currently less than 10% of condominiums qualify for FHA mortgage insurance. It is a significant step for affordable mortgage for condominiums.

The National Association of Realtors (NAR) is calling on the Department of Housing and Urban Development (HUD) to go into effect right away.

#condo #condoloan #fha #loan

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