The US Department of Housing and Urban Development’s (HUD) has made changes to streamline the Federal Housing Administration’s (FHA) condominium project approval process.

These changes will allow the expansion of homeownership for many Americans, benefitting millions of homebuyers.

Important elements of this approval process include:

  1. FHA will insure up to 10% of mortgages in condominiums without FHA approval if the condo is financially stable.
  2. FHA approvals for condominium projects are extended to three years.
  3. Condo projects seeking recertification are only required to update new information, as opposed to resubmitting all information.
  4. Mixed-use condo projects with as much as 45% commercial space are eligible to apply for approval.
  5. Condo projects with owner occupancy rates of 35% or higher will be eligible for FHA approval.
  6. The FHA will insure up to 75% of condo unit mortgages.
  7. The FHA will provide a 30-day commercial period before implementing future changes to the approval process.

To learn more, click here.

 

 

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