FHA Releases New Condo Rules to Make Homeownership More Affordable

On Wednesday, August 14, 2019, the Federal Housing Administration (FHA) released new approval regulations for condominiums. The changes were made to help make the dream of homeownership more affordable and attainable. A release by HUD highlighted the following updates to the regulation:
  • Introduces a new single-unit approval process to make it easier for individual condominium units to be eligible for FHA-insured financing
  • Extends the recertification requirement for approved condominium projects from two to three years
  • Allows more mixed-use projects to be eligible for FHA insurance
The new approval regulations take effect on October 15, 2019. Learn more: NAR Applauds Long-Awaited FHA Condo Rule.