FHA condo recertification should get easier, thanks to the passage of H.R.3700 – Housing Opportunity Through Modernization Act of 2016 on July 14.
It also lowers the current owner-occupancy from 50% to 35%, which should hopefully make more Baltimore County condominium communities eligible for FHA financing.
Right now, there are a number of Baltimore County condo communities that are not eligible for FHA financing due to the owner-occupancy restrictions, as well as the very strict and restrictive recertification process.
This passed the Senate by unanimous consent. It passed the House of Representatives unanimously in February. Here are more details in a CNBC article about the bill.
I am glad to see that FHA condo regulations should be loosened some to allow for more buyers to be able to use FHA financing to buy a condominium.
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