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HUD announces FHA condo policy changesHUD announces FHA condo policy changeshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=111672015-11-13T06:00:00Z2015-11-13T17:00:00Z

​​​SAN DIEGO – ​Officials from the Federal Housing Administration (FHA) and the National Association of Realtors​ (NAR) yesterday announced changes to FHA condominium policies.

According to an NAR press release, those include changes to the "lengthy and complex recertification process, burdensome owner-occupancy requirements and limits on the types of property insurance that are considered acceptable coverage."

The changes related to insurance and recertification will take place immediately as part of a mortgagee letter to be released today (Nov. 13), according to FHA Principal Deputy Assis​tant Secretary Ed Golding.

The policy changes related to owner occupancy, commercial space percentage, FHA concentration and spot approvals will be addressed in a formal rulemaking in the near future.

National Association of Realtors®
U.S.
Multifamily
http://www.realtor.org/news-releases/2015/11/breaking-hud-announces-change-to-fha-condo-policies-at-realtors-conferenceRead more at {Source}

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