{"id":2520,"date":"2025-06-19T00:52:42","date_gmt":"2025-06-19T00:52:42","guid":{"rendered":"https:\/\/www.vmalending.net\/2025\/06\/19\/fha-update-regarding-condominiums\/"},"modified":"2025-06-19T00:52:42","modified_gmt":"2025-06-19T00:52:42","slug":"fha-update-regarding-condominiums","status":"publish","type":"post","link":"https:\/\/vmalending.net\/?p=2520","title":{"rendered":"FHA Update Regarding Condominiums"},"content":{"rendered":"

As of August 31st<\/sup>, 2019, there are no approved FHA condo\u2019s in Miami Dade or Broward Counties because they don\u2019t 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.<\/p>\n

FHA announced in mid-August that as of October 15th<\/sup>, 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.<\/p>\n

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.<\/p>\n

This is very positive news coming from HUD and when you add great lending rates to the mix. It\u2019s a win-win scenario for the first-time home buyer.Here is a solution<\/a> to your every problem.<\/p>\n

You have not retired yet because of increasing mortgage payments?Apply for a reverse mortgage and you won’t have to make another payment. Please review our reverse mortgage page for full details on and videos on how a reverse mortgage works.Details on Reverse Mortgage<\/a>Putting off purchasing your home?This is the best time to purchase a home. Low rates have come back. See how much you can buy.Click Here to Get Pre-approved<\/a>Take advantage of the lowest rates!Refinance today and pay off those high rate credit cards, upgrade your house, help your kids with university costs or just check of items off your bucket list.Refinance Now<\/a>
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While there is no crystal ball that can predict what will happen to the economy and interest rates in the future, what we can give you is an insight into how to determine whether you would be better or worse off if you fix your loan at a specific point in time.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2520","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t