NEW FHA Condo rules
Effective October 15th
*The new policy will allow certain individual condominiums to be eligible for FHA insured financing
*Extends the re-certification process from 2 to 3 years for the condominium
*Allows more mixed use projects eligible with a maximum 35% commercial occupancy
*The building must have a minimum of 50% owner occupancy but with strong financials it can be as low as 35% owner occupancy
This is good news for buyers!