FROM OUR BLOG
October 21, 2019
condo,  FHA,  HUD

If you haven’t heard, HUD has expanded their condo qualification requirements! Condos can now be approved on an individual basis (non-FHA approved projects), assuming basic criteria is met. HUD’s previous approach had significantly limited the condo market, and had a negative impact on first time and seasoned homebuyers. HUD expects these changes to open up homeownership to roughly 20,000-60,000 homebuyers!

The criteria for a condo to qualify:

-Max FHA concentration in the complex of 10% (projects of 10 units or more)

-50% owner occupancy

-Less than 35% commercial/non-resident space

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Sierra Pacific Mortgage Company, Inc.

Sierra Pacific Mortgage NMLS# 1788. Michael Shotnik NMLS: 218281, CO License: 100017466. Not licensed in Alaska or New York.  To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.