Condos, which are often popular housing options for many younger and first-time homebuyers, are also viable living arrangements for older homeowners who seek a more active and urban lifestyle, or a more maintenance-free quality of life. Current blanket certification policies, however, have restricted not only many would-be buyers from purchasing condo units, but have also hindered the ability of seniors to continue living in these housing developments.
FHA has historically set standards for condominium project approvals. The good news is they have loosened some of those rules for investors and private owners.
Anyone interested in commenting on FHA’s proposed rule, including the agency’s proposal to approve individual condo units for FHA financing, has until November 28, 2016 to submit comments at Regulations.gov