Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

FHA SLASHES CONDO APPROVAL REQUIREMENTS BY 15%
Were you aware of any of these changes to the FHA condo approval requirements? If not, read these and get familiar. Perhaps some complexes that were outliers due to the lower owner-occupancy ratio may now be within the parameters to work for your FHA home buyers this coming year. Definitely info worth knowing for 2017.

FHA Slashes Condo Approval Requirements by 15%
It may be time to take a second look at condo projects that were previously off-limits for FHA loan approval.  Up until now, at least 50% of the units in an existing condo project needed to be owner-occupied in order to qualify for a loan insured by the Federal Housing Administration (FHA).  The reason for this requirement is FHA believes that owners who live in their condo unit tend to be more incentivized to take care of the their units and the overall condo project vs. renters or investors.  However, in response to a new law passed earlier this year, FHA has lowered their owner-occupied requirement on existing condos from 50% to 35% as long as these conditions are met:
Borrowers have to apply for a formal exception; No more than 10 percent of the total units can be more than 60 days past due on their ... more

__________________________________________________
Are you on The Rain? Grow Your Network!