The new regulations will ultimately give the administration leeway to specify new owner-occupancy, commercial and single-unit thresholds. Currently, the FHA requires approved condo developments to have at least 50% of the units occupied by owners, but the proposed rules would extend that range to between 25% and 75%.
Sourced through Scoop.it from: www.bisnow.com
This could be new opportunity for FHA home buyers in Silicon Valley. As many condominiums and town homes complexes do not qualify for FHA or VA financing. It will be interesting to see if this will plays out into a buyer’s benefit. Now if we could do something about the $417,000 conforming limit.