NAR Reports on proposed changes to FHA Condo Rule


September 28, 2016

The following proposed changes were introduced on September 27th and must first go through a 60 day comment period as described below. Watch for updates and changes to these proposals prior to any implementation.

Minimum Owner-Occupancy Requirements

Commercial/Nonresidential Space Limits

Single-Unit, or Spot, Approvals 

FHA proposes to allow single-unit, or spot, loan approval in non-FHA approved condominiums if: 

Re-certification Requirements

The comment period will be for 60 days following publishing of the rule in the Federal Register.

Proposed Condo Rule(link is external)

FHA Press Release on Proposed Condo Rule(link is external)

NAR President Tom Salomone Statement on HUD Condo Rule 

 

Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.

Live Chat