Posted on Aug 16, 2019

Elliott Realty Services Inc

New Rule Will Approve More FHA Loans for Condos
From Florida Realtors
On Oct. 15, the state's condo market could really open up to first-time buyers after FHA issued new mortgage rules that qualify more condo complexes and units for FHA loans.
WASHINGTON – On Oct. 15, the Fla. condo market could open up for first-time buyers after Oct. 15, 2019, after the Federal Housing Administration (FHA) issued new mortgage rules that will qualify more condo complexes and units for FHA loans.
The new FHA condominium approval regulation – and a new Condominium Project Approval section of the Single Family Housing Policy Handbook – are a comprehensive revision to FHA condominium project approval policy.
The policy released by the U.S. Department of Housing and Urban Development (HUD), which oversees FHA programs, was published in the Federal Register on Thursday, Aug. 16, and becomes official 60 days after publication.
Of special interest in Florida, which has a preponderance of condo units, is a new policy that will make some individual condominium units eligible for FHA mortgage insurance even if the condominium project isn’t FHA approved.
“Florida is ground zero when it comes to condominium sales but these markets have been impacted by certain federal rules,” says 2019 Florida Realtors President Eric Sain, a Realtor and district sales manager with Illustrated Properties in Palm Beach. “The changes being proposed by HUD will go a long way in allowing flexibility in these markets and help
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