Condos are the most affordable homeowner option so new FHA Condo approvals help Buyers AND sellers. Last month FHA Condo Approval rules changed in order to make the costly and time consuming process easier.
-In the past the entire building needed to be approved in order for any of the units to be sold to a FHA financing buyer. Now FHA can do “spot approvals”
-In the past getting the building approved was a time consuming process and very costly. The approval was only for 2 years. Now the approval is for 3 years and a 6 month grace period and only updates need to be submitted now.
-In the past owner occupied units in the complex needed to be at least 50%. The new rules specify that only 35% of the units in the complex need to be owner occupied.
To read more Changes to FHA Condo Approval Process-Click Here
Whenever you are ready, here’s some ways that I can help with your real estate goals:
1) Free Access to search the Denver MLS for all homes currently on the market: Denver Home Finder Service Property Search
2) Join me for a home tour – Home tours are Monday thru Saturday at 2:00 pm or 6:00 pm – choose your tour here
3) Request a specific search that sends all the homes that meet your parameters as soon as they come on the market – that way you can beat others to the best homes. Send me an email with “specific search” in the subject line and your wish list – Price range, school district, style, minimum number of bedrooms, etc. – Vickie@DreamsCanHappen.com
4) Receive a Home Loan Report –There are so many different loan programs. Do you need 20% down payment to purchase a home? Are there special programs for first time home buyers? What does CHFA mean? What’s the difference between a FHA loan and a Conventional loan? Send me an email – – Vickie@DreamsCanHappen.com with “Home Loan Report” in subject field and I’ll send it right over.
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