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 Assistant 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.
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