HUD to Announce Long-Awaited FHA Condo Rules!

We love less restrictions for folks trying to get into a new home! Coming soon, HUD will be releasing new rules that will make it easier for homebuyers to obtain financing on condos!

Specifically, the new rules will:

-Extend FHA certifications on condo developments from two years to three years, reducing the compliance burden on condo boards.

-Allow for single-unit mortgage approvals—often known as spot approvals—which will enable FHA insurance of individual condo units, even if the property does not have FHA approval.

-Secure additional flexibility in the ratio of investors to owner-occupants allowed for FHA financing in a condo building.*

Thinking about buying a home and need guidance? Call us at 385-236-4130!

*Source: National Association of Realtors