Real estate industry welcomes changes to FHA condo rules
East Pointe Condos in Highlands NJ
Real estate industry welcomes changes to FHA condo rules
The Federal Housing Administration has finally done what it promised back in May: published
revised rules that could convince condo associations across the country to get certified or re-certified for financing, thereby opening individual unit owners and sellers to low down payment, FHA-insured mortgages once again.
For condo boards, real estate agents and property managers, the long-awaited rule changes announced yesterday should prove to be "excellent news," that will "help spark home sales and help tens of thousands of condominium associations recover from the housing slump," according to the Community Associations Institute, the largest U.S. trade group in the field.