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New FHA Mortgage Rules For Greater Baton Rouge Condos Effective October 1 2009

http://www.batonrougefhaappraisers.com/ – New FHA Mortgage Rules For Greater Baton Rouge Condos Effective October 1 2009

Peter G. Miller with www.fhaloanpros.com is reporting on new FHA mortgage rules for Condos, which take effect 10/1/2009. Here’s the link for the entire article and a snippet below:

At least 50 percent of the units of a project must be owner-occupied or sold to owners who intend to occupy the units. For proposed, under construction or projects still in their initial marketing phase, FHA will allow a minimum owner occupancy amount equal to 50 percent of the number of presold units (the minimum presales requirement of 50 percent still applies).

No more than 15 percent of the total units can be in arrears (more than 30 days past due) of their condominium association fee payment.

Projects consisting of three or less units will have no more than one unit encumbered with FHA insurance.

Projects consisting of four or more units will have no more than 30 percent of the total units encumbered with FHA insurance.”

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