Specifically, the rule will extend certifications from two years to three, allow for single-unit mortgage approvals, provide more flexibility with owner/occupancy ratios, and increase the allowable number of FHA loans in a single project. The rule will go into effect in mid-October – 60 days from publication. HUD believes the changes will extend critical benefits to aspiring homeowners and confirm the agency is properly serving the public.
The full rule for single-family condo financing is scheduled to be published in the Federal Register on Aug. 15, 2019, and available online at https://federalregister.gov/d/2019-17213, and on govinfo.gov.
For more information about these changes that will allow more buyers to obtain low down-payment mortgages, click here. You may also read the NAR overview of the new rule by clicking here.