Can I use FHA financing to purchase a condo, even though the condo complex is not currently approved?
YES! FHA recently modified its FHA condo approval rules in order to promote sustainable home-ownership and be more flexible and responsive to current market conditions!
FHA's new condominium policy objective is to reduce regulatory barriers that currently restrict affordable home-ownership opportunities.
FHA's new rules include:
➡️Introduces a new single-unit approval process to make it easier for individual condominium units to be eligible for FHA-insured financing;
➡️Extends the re-certification requirement for approved condominium projects from two to three years;
➡️Allows more mixed-use projects to be eligible for FHA insurance.
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*Disclaimer. Q&A’s are for marketing purposes only and are not intended to offer real estate advice to non-represented parties. Please consult with a real estate professional under their contractual representation for answers to your real estate questions.