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November 13, 2015
FHA relaxes condo restrictions for one year
The Federal Housing Administration announced on Friday it would relax restrictions on FHA-backed condominium loans for one year while the agency works on longer-term rules.
The changes will allow tenant-occupied condos or condos listed for rent to count toward the current 50 percent owner-occupancy requirement, according to National Mortgage News. These changes will include condos that are second-homes not rented out by the owner.
The temporary rule will also modify the requirements for condo project recertification and expand eligible condo project insurance coverage.
The Department of Housing and Urban Development wrote approved mortgagees to alert them to the temporary rule change.
FHA is working on a formal rulemaking that would make permanent changes in the owner-occupancy requirements.
The changes will allow tenant-occupied condos or condos listed for rent to count toward the current 50 percent owner-occupancy requirement, according to National Mortgage News. These changes will include condos that are second-homes not rented out by the owner.
The temporary rule will also modify the requirements for condo project recertification and expand eligible condo project insurance coverage.
The Department of Housing and Urban Development wrote approved mortgagees to alert them to the temporary rule change.
FHA is working on a formal rulemaking that would make permanent changes in the owner-occupancy requirements.
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