FHA Overhauls Condominium Approval Guidelines

After years of talk about fixing a truly messed-up process, Friday the Federal Housing Administration (FHA) announced updated Condo Approval Guidelines.

Why is this such a big deal?

Mostly because of this: one of the stated goals of the overhaul is to increase the number of condominium projects eligible for FHA loans – including FHA Reverse Mortgages. The new rules are effective immediately, and are intended to streamline the FHA certification process.

This is big, big news for anyone involved senior housing – homebuyers wanting to purchase a condo, condo owners wanting to sell, realtors, lenders.