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New FHA condo approval rule
The FHA has issued a new condominium approval rule which will allow certain individual condominium units to be eligible for FHA mortgage insurance even if the condominium project is not FHA approved. The policies set out in the new rule become effective October 15, 2019. The rule:
- introduces a new single-unit approval process to make it easier for individual condominium units to be eligible for FHA-insured financing;
- extends the recertification requirement for approved condominium projects from two to three years; and
- allows more mixed-use projects to be eligible for FHA insurance.