11/18/2015

FHA Announces Condo Policy Changes

The Federal Housing Administration has announced changes to FHA condominium policies that NAHB has been pushing for.

These include changes related to certification and owner-occupancy requirements as well as limits on the types of property insurance that are considered acceptable coverage under FHA’s rules.

The new rules will make it easier for first-time home buyers to obtain FHA financing.

NAHB Immediate Past Chairman Kevin Kelly advocated for many of these changes while testifying before Congress last month in support of the Housing Opportunity Through Modernization Act of 2015 (H.R. 3700).

Kelly noted the legislation would “lessen the current FHA mortgage requirements for condominiums, including streamlining project certification requirements and reducing owner-occupancy requirements.”

NAHB is pleased that FHA has unilaterally announced changes that will expand homeownership opportunities for young families by making it easier for buyers to purchase condos.

For more information, email Steve Linville at NAHB or call him at 800-368-5242 x8597.

http://nahbnow.com/2015/11/fha-announces-condo-policy-changes/