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GA Blog: FHA

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11.26.19 Checklist for Condominium FHA Approval


The National Association of REALTORS® has created a checklist for condominium boards to use to streamline the process of gaining FHA approval.  The checklist is a comprehensive list of steps and documentation needed as well as instructions on how to submit those documents.

The checklist can be found online here, where you can also download a pdf for an easy handout to clients looking into FHA Approval.

If you need to check on whether a condominium already has FHA approval you can do so at here.


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8.15.19 HUD Unveils Long Awaited FHA Condo Rules

Today, the Housing and Urban Development Department published their public documents changing the financing of condos under FHA.  The new regulations are aimed to make it significantly less difficult to purchase a condo with an FHA loan.

These rules will take effect October 15th 2019 and hold three specific changes as well as noting the minimum owner occupancy percentage as 50%.  First, in a building of 10 or more condo units an individual unit may be eligible for spot approval if the entire building does not exceed the 10% FHA-insured threshold.  Second, the length of time an approved condo project is certified for has been extended from two years to three years.  Third, in mixed-use buildings commercial space can now take up to 35% of the total square footage.

These changes come after over a decade of being championed by the National Association of REALTORS®.  Of the changes, NAR President John Smaby said “We are thrilled that Secretary Carson has taken this much-needed step to put the American dream within reach for thousands of additional families.”

You can find the document itself here at the Federal Register and NAR’s press release here.

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