Back in the early 80's when this ad was running, RELIEF was spelled R-O-L-A-I-D-S ... but as of September 13th, 2012? I think it should be spelled ... F-H-A ... Condominium Projects Revisions!
- Remember when no more than 15% of Unit Owners could be 30 days late on their Homeowners Association Dues Payments? Now HUD has relaxed that requirement to 60 days late.
- Investors may now own up to 50% of the total units in an existing building or project, as long as 50% or more of the Units have been sold to owner-occupants ... in other words, existing projects must have 50% owner-occupancy to be eligible.
- New Construction or Rehab Conversions within the last 12 months, require only 30% owner-occupancy to be FHA certified.
- Relaxed, clarified Insurance Requirements are now in play.
- A Greater Percentage of Commercial Space is now allowed within a building: Increased to as much as 35% with case-by-case exceptions up to 50%.
And perhaps the biggest change is the following:
- Less imposing guidelines pertaining to penalties for Homeowners Associations and reporting requirements that ease the concern of volunteer officers of Condominium Associations will now be in place.
In other words, more Condominium Associations should be re-applying for FHA approval if their approval has expired ... and more Condo Associations should apply for approval, if they never have done so before.