The following are some of the changes the FHA is making in how they process and accept loans in new and existing condo projects:
- The burden of approving a condominium project will shift from the FHA to the lenders
- Approved condo projects will need to be re-certified every 2 years
- Homeowner’s Associations will need to fill out an FHA Homeowner’s Association Certification verifying that delinquencies are less than 15%
- 50% owner occupancy ratio will be required on existing approved condos