Immediate Changes Come to Condo Financing Thanks to FHA

Effective immediately, the US Department of Housing and Urban Development has loosened the rules regarding condominium financing under the the Federal Housing Administration. The FHA announced that they will be streamlining the recertification process and expanding “owner-occupied” units to encompass second homes that are not owned by investors. This change comes as welcome news to first-time and low to moderate income buyers interested in purchasing a condominium, as well as current homeowners who have been “stuck” in their condominium hoping for a qualified buyer to come along. It also benefits community associations.   Read the article……………