February 2011 
There are 1 blog entries for February 2011.
FHA Requirements for Condos Get Even Tougher
Monday, February 14th, 2011 at 2:53pm. 827 Views, 0 Comments.
I've previously written about the changes that FHA regarding condos purchases, and as of Jan 1 there are now more changes in effect. The main changes are :
- No more than 25% of the property's total floor area in a project can be used for commercial purposes.
- No more than 10% of the units may be owned by one investor.
- No more than 15% of the total units can be in arrears (more than 30 days past due) on their monthly HOA payments.
- At least 50% of the total units must be sold prior to endorsement of the mortgage in the case of construction
- At least 50% of the units must be owner occupied or sold to owners who intend to occupy the units.
- Fha will not insure more than 50% of a particular condo project.
What does this mean?…
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