loan: Requirements for FHA Loans for Condos Tighten
- 01/31/11 11:06 AM
Requirements for FHA Loans for Condos Tighten Due to rules implemented in February 2010, condominium and townhome developments must haveFHA approval in order for an FHA loan (purchase or refi nance) to be possible, and spot approval for individual units are no longer permitted. As of Jan. 1, 2011, those requirements just got tougher.Condominium developments now must meet additional eligibility requirements at the time of underwriting for an FHA loan, including: >> No more than 25 percent of the property’s total fl oor area in a project can beused for commercial purposes. >> No more than 10 percent of the units … (2 comments)
Requirements for FHA Loans for Condos Tighten
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