FHA Overhauls Condominium Approval Guidelines

After years of talk about fixing a truly messed-up process, Friday the Federal Housing Administration (FHA) announced updated Condo Approval Guidelines.

Why is this such a big deal?

Mostly because of this: one of the stated goals of the overhaul is to increase the number of condominium projects eligible for FHA loans – including FHA Reverse Mortgages. The new rules are effective immediately, and are intended to streamline the FHA certification process.

This is big, big news for anyone involved senior housing – homebuyers wanting to purchase a condo, condo owners wanting to sell, realtors, lenders.

Give me a call if you’ve got questions. I always love hearing from you!

Laurie

Laurie MacNaughton [NMLS 506562] is a freelance writer and
Reverse Mortgage Consultant with
Southern Trust Mortgage.
She can be reached at: 703-477-1183 or
LMacNaughton@SouthernTrust.com

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