The FHA (Federal Housing Administration) have established new rules that will facilitate the purchase of many low-income families, the elderly, or young workers to access to own their first home and will also benefit developers who may qualify for more condominiums and units for FHA loans. Only a small fraction of condos qualify for the FHA. From the approval of these new rules, it will be possible to buy an individual unit within a complex not previously approved called "Spot Approvals".
As of October 15, 2019.
✓ The recertification requirement for condominium projects will change from 2 to every 3 years.
✓ The FHA will only insure up to 50% of the total number of units in an approved condominium project.
✓ Allow more mixed-use projects to be eligible for FHA insurance.
✓Approved condominium projects have a minimum of 50% of the units occupied by the owners for most of the projects
✓ The commercial / non-residential space within an approved condominium project does not exceed 35% of the total floor area of the project
✓ FHA insurance concentration in condominium projects.
✓ An individual unit may be eligible for the approval of a single unit with the following conditions:
* The individual condominium unit is located in a finished project that is not approved.
* For condominium projects with 10 or more units, no more than 10% of the individual condominium units may be insured by the FHA. And projects with less than 10 units cannot have more than 2 units insured by the FHA.
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