On August 14, 2019, the U.S. Department of Housing and Urban Development (HUD) released the long-awaited final rule on project approval for single-family condominiums insured by the Federal Housing Administration (FHA). For many years, NAR urged HUD to finalize changes to the previous rule that would ease restrictions on FHA financing for condominiums, thus enabling more first-time buyers, older adults, and low to moderate-income families to achieve the dream of homeownership. We will continue to work with FHA and Freddie Mac and Fannie Mae to insure that people who wish to purchase a condominium have safe affordable access to mortgage credit. The final rule goes into effect on Oct. 15.
Due to technical difficulties, we were unable to take your questions live on this important issue, but watch the video below and type your questions in the comment section for NAR staff experts to answer.