Today, FHA released temporary updates on their policies. Condominium spot approvals will stay in affect until February 2010 but buildings that were approved longer than 2 years ago still need to be re-certified as FHA approved buildings. The percentage of FHA loans allowed in a building is being raised from 30% to 50% and in some cases can go as high as 100% depending on the building.
Do you live in a condo building that needs to be re-certified or FHA approved for the first time? If so, contact us and we will help your HOA Board get through the process to get your building in a better position for sales.
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