Big News for Condo Buyers and Owners
This is huge news for condominium buyers and owners!
Prior to October 15th, 2019, Federal Housing Administration (FHA) required that the condo being purchased had to be in a complex that was FHA approved. However, many HOAs let their FHA approval status expire, putting it back on the lender to get the approvals needed for funding.
As of today, FHA has changed their guidelines to allow FHA approval of single units. There are some guidelines around this, i.e. the complex has to have 10 or more units. To read more about the restrictions and guidelines click here.