Lawmakers and industry groups are urging FHA to update condo rules to provide more homeownership opportunities for first-time buyers.
Source: www.nationalmortgagenews.com
Lawmakers and housing groups are urging the Federal Housing Administration to relax its condominium regulations to help open up homeownership opportunities for first-time buyers and urban families.
More than 50 House members signed a letter last week asking the FHA to make policy changes.
The current condo rules were born during the crisis and are severely limiting buyers’ ability to access the condo market.
As a direct result, the FHA has endorsed far fewer condo loans in recent years. It backed only 22,800 such loans in 2014, down from 57,830 in 2013 and 93,470 in 2010.