Currently, FHA is drafting revised condominium requirements for release later this year. NAR and its coalition partners recommend changes to FHA’s condominium rules that will provide greater liquidity to this sector of the real estate market without causing additional risk to the Mutual Mortgage Insurance Fund (MMIF). Changes the coalition are advocating include enhancements to the rules and limits relating to 1) owner-occupancy, 2) FHA concentration, 3) investor ownership, 4) pre-sale, 5) delinquent HOA assessments, and 6) commercial space.
Coalition Letter to HUD on FHA Condo Mortgage Approval Process
Issue Date: May 06, 2011
Currently, FHA is drafting revised condominium requirements for release later this year. NAR and its coalition partners recommend changes to FHA’s condominium rules that will provide greater liquidity to this sector of the real estate market without causing additional risk to the Mutual Mortgage Insurance Fund (MMIF). Changes the coalition are advocating include enhancements to the rules and limits relating to 1) owner-occupancy, 2) FHA concentration, 3) investor ownership, 4) pre-sale, 5) delinquent HOA assessments, and 6) commercial space.
Download the letter