NAR letter to HUD Secretary requesting reform of the owner-occupancy rules for condominiums. Many condominium units are now bank-owned REO properties whichare counted as non-owner-occupied units under the current rules. The result is that many developments do not meet the 51 percent threshold for owner-occupancy, and GSE and FHA loans are not an option for buyers interested in these developments.
Letter to HUD Secretary on the Owner-Occupancy Rules for Condominiums
Issue Date: October 28, 2008
NAR letter to HUD Secretary requesting reform of the owner-occupancy rules for condominiums. Many condominium units are now bank-owned REO properties whichare counted as non-owner-occupied units under the current rules. The result is that many developments do not meet the 51 percent threshold for owner-occupancy, and GSE and FHA loans are not an option for buyers interested in these developments.
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