The U.S. Department of Housing and Urban Development is expected to release updated guidance on FHA-insured condominium financing. The new rules should benefit real estate purchasers by allowing more buyers to obtain low down-payment mortgages on affordable housing options.
Specifically, the new rules will:
“Condominiums are often the most affordable option for first time home buyers, small families, and those in urban areas,” said NAR President John Smaby, in a statement issued to the media Wednesday morning. “We are thrilled that (HUD) Secretary (Ben) Carson has taken this much-needed step to put the American dream within reach for thousands of additional families.”
The full rule for single-family condo financing is scheduled to be published in the Federal Register on Aug. 15, 2019, and available online at https://federalregister.gov/d/2019-17213, and on govinfo.gov.
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