It Is Now Easier For FHA Buyers To Purchase A Condo

Dated: 10/21/2019

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As of October 15th, FHA will insure mortgages for selected condominium units in projects that are not currently HUD approved. An individual unit may be eligible for Single-Unit Approval under the following conditions:

  • The individual condominium unit is located in a completed project that is not HUD approved;

  • Project must have at least 50% primary occupancy

  • For condominium projects with 10 or more units, no more than 10% of individual condo units can be FHA-insured; and projects with fewer than 10 units may have no more than two FHA-insured units.

This new condominium policy is part of a broader Administration objective to reduce regulatory barriers that currently restrict affordable homeownership opportunities.

Contact me today to learn more about this new policy and how it can benefit your clients!

Sources: 
https://www.hud.gov/press/press_releases_media_advisories/HUD_No_19_121
https://www.hud.gov/sites/dfiles/OCHCO/documents/4000.1hsgh.pdf

Caroline Oxamendi
Capital Partners Mortgage, LLC
Caroline Oxamendi
Senior Mortgage Loan Officer
NMLS # 478428
2725 PGA Blvd
Palm Beach Gardens, FL 33410
Office # (786) 797-1307
Email Me
My Website
EH logo ©2019 Capital Partners Mortgage, LLC. All Rights Reserved. 1515 N University Drive, Suite 102D, Coral Springs, FL 33071. Corp NMLS#: 1084639 (www.nmlsconsumeraccess.org). This communication is provided for use by real estate or mortgage professionals only and is not intended for distribution to consumers or other third parties. This does not constitute an advertisement as defined by Section 1026.2(a)(2) of Regulation Z.

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