Sentences with phrase «condo owner occupancy»

Reduces the FHA condo owner occupancy ratio to 35 %, unless FHA takes alternative action within 90 days.

Not exact matches

(1) If a condo project is on the list, it must still be checked by your lender to make sure it still meets HUD's requirements (for owner / occupancy ratios, etc..)

You can move in, but you're not technically the owner of your condo yet, so you'll be charged occupancy fees (also known as «phantom rent»).

The FHA currently requires a 50 % owner - occupancy rate in most apartment buildings before the agency will finance the purchase of a condo unit.

H.R. 3700 will: 1) reduce owner - occupancy ratio to 35 % unless HUD acts within 90 days of enactment of this law to otherwise lower the ratio; 2) allow lenders to approve condos with commercial space over 25 %; 3) require HUD Secretary to «substantially reduce» burdens on condo recertification; and 4) require FHA to mirror the FHFA rules related to private transfer fees.

While condo conversions benefit multifamily owners by shrinking the supply of apartments, condo buyers are typically renters, so conversions won't necessarily lead to a jump in occupancy rates.

It explores topics like: Owner occupancy requirements, limits on commercial space in condos, investor ownership limits, and condo hotel rules.

NAR's priorities include easing owner - occupancy and commercial - space ratios, and making it easier for condo boards to get certified by the federal government each year.

We have a multifamily under contract (to use as a rental and owner occupancy, maybe condo - ize it someday) in the Roxbury / Dorchester area and would like to make something of the basement, which has a high ceiling and looks dry, but of course they're always damp at least.

In short, these lenders will want to see a financially sound condo development with a high percentage of owner occupancy and low percentage of delinquency on fees.

We're not there yet on lower owner - occupancy ratios for FHA condo loans.

That's why last November, Federal Housing Administration Principal Deputy Assistant Secretary Ed Golding announced changes to condo rules that would address a lengthy and complex recertification process, owner - occupancy requirements, and limits on the types of property insurance that FHA considers acceptable coverage.

When President Obama signed NAR - backed FHA condo financing legislation into law this summer, much of the focus in the news was on lower owner - occupancy requirements and other changes that would make it easier for borrowers to use federally insured loans for condo purchases.

Prior to the change, if someone who owns a unit in a condo project uses the unit as a second home, that unit doesn't count as part of FHA's 50 - percent owner - occupancy requirement.

In addition, condo values are affected by the condo association «s financial stability, management of the property, amenities and the rate of owner occupancy.

«With this lower owner - occupancy requirement, Realtors ® will have more options for their clients looking to purchase a condo with an FHA mortgage.

NAR President Tom Salomone, broker - owner of Real Estate II Inc. in Coral Springs, Florida, says the Federal Housing Administration's recently - announced rule change to lower the owner - occupancy requirement for approved condominium buildings from 50 percent to 35 percent under certain conditions is a step forward for prospective buyers considering a condo.