HUD FHA Condo Rule Announcement

On Wednesday, HUD finalized new FHA condominium loan policies. The guidance affords property owners greater flexibility in the qualification process for loans insured by the FHA. Lenders will be able to issue FHA loans for single condo units, and buildings with a greater number of investor-owned units or greater percentage of commercial space can qualify for FHA financing, among other changes HUD released Wednesday.

NAR expects the new rules, which will go into effect Oct. 15, to revive a condo market that has been stifled since the Great Recession. For more on this, check out the REALTOR® magazine article.