“FHA’s current condominium rules place significant restrictions on the purchase and sale of condominiums, even though they are the most affordable homeownership option for first-time buyers, small families, urban and older Americans. Importantly, condominiums also offer residents access to the amenities, services, and public transportation that build stronger communities and promote sustainable homeownership.”
The above paragraph is quoted from a letter that was recently sent to HUD Secretary Carson from 52 U.S. Senators encouraging HUD to finally adopt its proposed rule from 2016 that would make Federal Housing Administration certification easier for condos.
And contact us if you have questions about how your condominium association can get FHA certified, improving the marketability of your units. More information about requirements can be found here.