FHA again delays new condo rules
Thursday, November 5, 2009 at 10:51AM Back in June of 2009, the Department of Housing and Urban Development announced that a new approval process would be implemented by the FHA for Condominium projects on October 1. The FHA delayed the implementation of these new rules until Nov 2 after many in the Real Estate industry complained about the drastice changes and the negative effects it would have on the sale of condominium units.
The Federal Housing Administration is again delaying these new rules until Dec. 7. According to the Mortgage Bankers Association, FHA had planned to limit the number of units funded to 30% from the current 50% level and would also require close to 40,000 projects already FHA approved to undergo an approval process every two years for recertification.
It's now widely believed that the FHA will continue to back 50% of loans in a project so long as 50% of the units sold are to owner occupants. Some good news for buyers and sellers currently in the Condominium market.
To view FHA approved Condominium units in Chicago, Call Ken Dooley at: (312) 305 4919 or Contact me via email