FHA Releases New Condo Rules to Make Homeownership More Affordable | Chicago Association of REALTORS®

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.