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