HUD Eases FHA Condo Financing Rules
Posted on November 20, 2015
Good news! The U.S. Department of Housing and Urban Development (HUD) announced changes to the Federal Housing Administration (FHA) condominium policies the other day at the National Association of Realtors convention in San Diego. This a game changer for those looking to buy condos for sale in Pensacola Beach, Perdido Key, Orange Beach and Gulf Shores.
Effective today, the FHA will streamline the condominium recertification process and expand its definition of acceptable “owner occupied” units to include second homes not owned by investors. In short, this will qualify more condo complexes for FHA loans, and give more buyers access to FHA low-down payment mortgages.
This is great news for our condo heavy market. To this day, condos remain one of the most affordable option for home buyers, especially first time buyers. The ease of financing will only support homeownership in the area…
All these factors make it a great time to list. Contact a member of our team today to learn more about what we can do for you and your condo sale!
View the complete “HUD Eases FHA Condo Financing Rules” at FloridaRealtors.org