FHA just released some new financing guidelines that will assist condo home buyers in the Fort Meade real estate market.
To understand the impact of this change you'll need to understand that, prior to this, FHA required a community review and certification of every condo association in the US. They are looking for things like condo financial health, investor ratios (too many non-owner occupied units could), delinquency rates and more. They required that each condo association request renewal every two years. So, if the condo association did not do it's job and get their community approved, FHA home buyers were not allowed to obtain financing in that community. Many Fort Meade home buyers own homes near previous duty stations and if the VA loan benefit is used, FHA is the next best option for a loan.
The recent changes which have long been advocated by the National Association of Realtors include the following:
1. Allows for a single-unit approval process for properties that do not currently have FHA approval.
2. Extends the re-certification date from 2 years to 3 years.
3. Allows more mixed use projects to be eligible for FHA loans
You can view the complete update at this link.
Thinking of buying, selling or renting a home near Fort Meade? You can count on The Roskelly Team to make your next real estate transaction your best!
