If you’re selling or buying a condominium or townhouse, here’s something to consider:

New FHA regulations stall many recent condo sales

Recent changes in the way the Federal Housing Administration approves mortgages for condominiums have left many would-be homeowners out in the cold, at least temporarily.

That’s because the FHA will no longer approve a mortgage for a unit in a community that does not comply with new, stringent standards that went into effect on Feb. 1. In order to be certified as a compliant community, the condo association must apply to the FHA to become certified as meeting all the standards. An FHA lender can also apply on the condominium community’s behalf to get this certification.

If you’re not sure whether your development or section is certified, please email or call and we’ll help.

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