fha condo approval: FHA SLASHES CONDO APPROVAL REQUIREMENTS BY 15%
- 12/19/16 05:30 PM
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 … (5 comments)
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