Thursday, October 27, 2016

FHA TO LOWER OWNER-OCCUPANCY REQUIREMENT FOR CERTAIN CONDOMINIUM DEVELOPMENTS

HUDNo_16-162





FHA TO LOWER OWNER-OCCUPANCY REQUIREMENT FOR CERTAIN CONDOMINIUM DEVELOPMENTS



WASHINGTON - The Federal Housing Administration (FHA) today announced that, under certain circumstances, it will lower its required owner-occupancy standard for approved condominium developments effective immediately. FHA currently requires that approved condominium developments have a minimum of 50 percent of the units occupied by owners. However, the agency determined this requirement can be lowered to 35 percent for existing condo developments provided the project meets certain conditions. Read FHA's mortgagee letter.