New FHA Condo Approval Rules for 2015

The 2008 crash was tough on real estate, but for condo owners, it was even more of a nightmare. For condo buyers to get an FHA loan on a condo, the entire condominium development had to qualify under strict rules. These rules had to do with the number of units that were owner-occupied, the type of insurance the condo HOA carried, the number of condos in foreclosure, etc. Not only were the rules themselves strict, but the FHA Changes 2015approval process took a lot of time and effort for the HOA. Many condo developments were unable to meet FHA approval so anyone trying to sell a condo in an unapproved project was prevented from selling to a huge portion of potential buyers. Well, good news for condo owners- last week the FHA relaxed the rules for condo approval.

The three big changes include:
-Expanding the HOA insurance coverages.
-Revising the definition of Owner Occupancy- a huge deal for those condos that are used as second homes.
-Streamlining the condo development approval process

If you have a condo in a vacation area, or your condo is likely to appeal mostly to 1st time buyers or moderate-income buyers, these rules changes should make it easier for you to sell your condo. In addition, your HOA should be able to get FHA approval in a more timely manner, with fewer restrictions.

Currently, these changes are only in effect for one year, so if you are an FHA buyer who is looking for a condo, move quickly to find your perfect space. Give me a call for details, Teri Lussier, 937-478-7781.

You May Also Like…

Thinking About Selling Your Home?

Thinking About Selling Your Home?

If you are thinking about selling your Huber Heights home, let me help.
It’s difficult to know when is the best time to sell, or how to get the most money for your house, but you don’t need to go through the process alone.

Step 10 to Buying a Home- The Closing

Step 10 to Buying a Home- The Closing

Well. Here we are at the closing. This was a fun process, wasn't it? All that work- from maintaining your credit, to saving for a down payment, to house-hunting, to negotiating, and here you are. What happens at a closing? In Dayton it is still considered typical to...

Things to do in Huber Heights, and beyond, in January 2017

Things to do in Huber Heights, and beyond, in January 2017

January can be a bleak month for many people. It's post-holiday, it's often bitterly cold and the nights are still long but let's try to uncocoon ourselves and take in a few goings-on around Huber Heights. A quick list for the rest of January. Check out a classic...

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *