January 25th, 2011 at 10:13 pm
As you all know, FHA loans have become more prevalent in our market over the last few years. As a result, it is more important for us to be on top of FHA’s requirements for various loans. In that regard, you should all be aware that as of January 1, 2011, condominium developments must meet tougher requirements in order to be FHA approved. For example, FHA now requires that no more than 10% of the development’s units may be owned by one investor and at least 50% of the units must be owner occupied. Below is a link to a copy of an article from the January/February 2011 edition of California Real Estate discussing the new rules in detail. As always, let us know if you have any questions.
FHA.pdf
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