HOA Homefront: Changes in condo lending rules – what it means (or doesn’t) to you

The Department of Housing and Urban Development has issued revisions to its condominium lending rules, effective Oct. 15. Here’s a brief rundown of HUD’s lending rules and what’s changed.  In 2009 HUD began predicating FHA condo loans on the entire project being approved by meeting certain minimum guidelines. HUD slightly loosened its rules in 2012, which were modified again by Congress in 2018 through the enacted House Rule 3700.  The most significant change is individual unit buyers will be able to obtain FHA loans even if the HOA is not HUD-approved. In non-HUD-approved HOAs, up to 20% of its members could qualify individually for FHA loans if the community meets certain criteria.    Read the article……………………