As of August 31st, 2019, there are no approved FHA condo’s in Miami Dade or Broward Counties because they don’t qualify or have let their qualifications expire. This has been making it difficult for first time homebuyers to qualify and on the other hand it was a tedious process for condominium associations to keep up with the renewal process and timeline for the renewals to be completed.
FHA announced in mid-August that as of October 15th, 2019, it will start a new single-unit approval process to make it easier for individual condominium units to be eligible for FHA-insured financing. This will help first time home buyers come in at a cheaper price point and make purchasing more affordable as well.
The new condominium policy is part of a broader Administration objective to reduce regulatory barriers that currently restrict affordable homeownership opportunities. In addition, they will extend the recertification requirements for approved condominiums projects from two to three years and even allow more mixed used projects to be eligible for FHA insurance.
This is very positive news coming from HUD and when you add great lending rates to the mix. It’s a win-win scenario for the first-time home buyer.Here is a solution to your every problem.