New FHA Condo Rules
The Federal Housing Administration has passed a monumental change to condo approval that will streamline the process and allow for individual unit approval under certain circumstances.
This is a huge for victory for home buyers and home sellers alike whose transactions can be thwarted when an association does not have FHA approval.
Under the new regulations, which go into effect October 15, 2019, recertification will be required every 3 years instead of 2, owner occupancy rates will be reduced to 50% for eligibility, and spot approval for individual units will be available if no more than 10% of the units in a community with more than 10 units, are FHA insured.
See the link below for more information:
School is back in session! Take a break from weekly routines to indulge in one of the many fall activities the DC area has to offer.
And, don’t forget to mark your calendar for one of my favorites coming to you at the end of September, the Pumpkin Festival at Butler’s Orchard. Whatever your age, this festival is fun for the whole family.