FHA Recertification May Become Easier
Soon, it may be easier to get FHA re-certification approval for condominium projects, due to H.R. 3700 the “Housing Opportunity through Modernization Act” which just passed in the House and was sent to the Senate for approval.
If approved by the Senate & signed into law by the President, this bill would allow the Department of Housing and Urban Development (HUD) to reduce the minimum owner occupancy requirement from 50 percent to 35 percent and grant commercial space requirement exemptions, reducing the burden on condominium projects and making home-ownership possible for more families. Click here to learn more.