GOOD NEWS FOR DC CONDO BUYERS
This week Housing Wired reported: The Federal Housing Administration has finally issued a long-awaited update to its condominium rules, announcing Wednesday that it will now allow individual unit approval and is taking other steps to loosen requirements that make these properties eligible for FHA financing.
That’s absolutely good news in a community where many first time homebuyers purchase condos.
Under the revised guidelines – which take effect Oct. 15, 2019 – an individual condo unit in a building of 10 units or more may be eligible for spot approval if no more than 10% of the units are FHA-insured. For units in buildings with fewer than 10 units, no more than two units can have FHA insurance.
These are only a few examples of the rule changes.Review the brief video and let’s discuss how it can help you and your family!