239-325-8038
  BK Homes Management
  • HOME
    • ABOUT US
    • NAPLES OFFICE
  • RENTAL OWNERS
    • PROPERTY MANGEMENT
    • Prepare your Vacant Home
  • RENTAL TENANTS
  • ANNUAL RENTALS
  • VACATION HOMES
  • RENT MY HOME
  • SALES
  • PREFERRED VENDORS
  • HOME VALUATION
  • COMMUNITIES
  • TRAVEL INSURANCE
  • BEACHES
  • CONTACT
  • BK Homes BLOG
  • TESTIMONIALS
  • Changes in Naples

October 15th, 2019

10/15/2019

0 Comments

 
Picture
Buyers found a condo they loved only to find that it doesn’t qualify for a federally backed mortgage? Try again tomorrow. New rules that open more condos and complexes to FHA loans go into effect on Oct. 15 – a break in condo-heavy Fla. for first-time buyers.WASHINGTON – First-time homebuyers often opt for a condo, but rules for Federal Housing Administration (FHA) loans banned many units and complexes in Florida from participating.
However, that changes on Tuesday, Oct. 15, when updated FHA rules go into effect. The new FHA condominium approval regulation – and a new Condominium Project Approval section of the Single Family Housing Policy Handbook – are a comprehensive revision to FHA condominium project approval policy.
Of special interest in Florida, which has a lot of condo units, is a new policy that makes some individual condominium units eligible for FHA mortgage insurance even if the condominium project isn’t FHA approved.
While the U.S. has more than 150,000 condominium projects, only 6.5% are currently approved to participate in FHA’s mortgage insurance programs, and FHA estimates that 20,000 to 60,000 more condo units could be eligible for FHA-insured financing every year.
The change is notably good for first-time buyers – 84% of FHA-backed condo buyers are first-timers.
“Florida is ground zero when it comes to condominium sales but these markets have been impacted by certain federal rules,” said 2019 Florida Realtors President Eric Sain, a Realtor and district sales manager with Illustrated Properties in Palm Beach, when the updated rule was published in the Federal Register. “The changes being proposed by HUD will go a long way in allowing flexibility in these markets and help more hard-working Americans achieve the dream of homeownership.”
National Association of Realtors® (NAR) President John Smaby said the FHA update “culminates years of collaboration between HUD and the National Association of Realtors (NAR).”
The new 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
  • Allows more mixed-use projects to be eligible for FHA insurance
“Florida Realtors has been working with NAR on this matter for some time now, and we are excited to see the results of this work,” said Sain. “Many congratulations to NAR for staying diligent on the issue and communicating with members at HUD to explain the problem and find sensible solutions.”
0 Comments

    The Official Blog of Homes By Bill and Katie

    Stay tuned for the latest in the Naples area and Real Estate tips/tricks!

    Archives

    October 2019
    September 2019
    December 2018
    June 2018
    May 2018
    April 2018
    March 2018
    January 2018
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    August 2016
    July 2016
    June 2016
    May 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    June 2015
    May 2015
    April 2015

    Categories

    All
    Bonita Springs
    Buy
    Buying
    Community
    Ecosystem
    Florida
    Home
    Homesbybillandkatie
    Homes By Bill And Katie
    Listyourhome
    Lovehgtv
    Naples
    Newhome
    Northnaples
    Oceans
    Paradise
    Pool
    Realestate
    Real Estate
    Realty
    Riverstone
    Sell
    Selling
    Sellyourhomes
    Shark
    Sharks
    Swfl
    Team
    Walls

    RSS Feed

William Archer or Katie Scheiber Archer
Office: 239-325-8038
Direct: 239-324-9845
Katrina Scheiber Associate Broker 

E-Mail homesbybillandkatie@gmail.com
BK Homes    Powered by KW Naples
877 Vanderbilt Beach Rd
Naples,FL 34108
HOME  LISTINGS  RENTALS  COMMUNITIES
ABOUT  CONTACT   
BLOG