At a recent Realtor conference Ed Golding, Assistant Secretary of the Federal Housing Administration announced that FHA will soon be making changes to their policies to ease restrictions on loans for the purchase of condominiums including FHA’s recertification process, owner-occupancy requirements and the decision to make insurance products like polled policies and state run policies eligible under FHA financing.
The National Association of Realtors work closely with the Department of Housing and Urban Development to advocate for changes to the FHA condo policies. Chris Polychron, NAR’s President recently testified on Capitol Hill to highlight the need for changes, including policies related to recertification and owner occupancy requirements.
At the conference Polychron applauded FHA’s leadership for taking action to improve access to credit for condos. He said, “Condos are often the most affordable option for homebuyers, especially first-time buyers, and making sure that FHA financing is an option is important to supporting homeownership. We look forward to working with them again in the future to help more Americans achieve the dream of homeownership.”