HUD sets FHA requirements for condo financing

For FHA (Federal Housing Administration) funding to be approved, the letter says that the development must show it has “higher reserves, a low percentage of association dues in arrears, and evidence of long-term financial stability.”

This is great news for prospective condo buyers since in recent memory only a handful of condos have met the FHA requirements.  Hopefully more and more condos will meet the requirement and obtain FHA approval.

#condo #FHA #mortgage