Advocacy Update: New Condo Rule
September 5, 2019
New Condo Rule Opens The Door to Homeownership
At the end of August, NAR reported on the new Federal Housing Administration condominium loan policies. Many of the changes have been policies NAR has been advocating to be included for over a decade, which they believe will open the door for thousands of new homeownership opportunities.
NAR stated that “the new guidance extends certifications from two years to three, allows for single-unit mortgage approvals, provides more flexibility with owner/occupancy ratios, and increases the allowable number of FHA loans in a single project.” They also stated the rule will be going into effect mid-October.
You can find the full report here: Condo Rule Opens Door to Homeownership for Middle Income Americans
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