New Federal Law Makes it Easier to Obtain Financing for Condos

FHA Financing Approved: The Courts at South Beach

The month of August couldn’t have started off any better, especially with the enactment of the Housing Opportunity Through Modernization Act. This act will make it easier for condo buyers to secure financing.

With the passing of this act, changes have been made to the financing process that will greatly favor the buyers.

Below are highlights of the condo financing changes, as well as, the expected positive impact of the enactment of the Housing Opportunity Through Modernization Act:

  • FHA’s recertification process for condos will be substantially less cumbersome
  • FHA’s owner occupancy requirement will be lowered from 50% to 35%
  • Easier for to obtain a loan when purchasing a condo

Condo ownership has now become within reach for many South Floridians. I can assist you in identifying condos on the market that can be financed. I can also ask condo managers if they have completed a homeowner’s association certification or questionnaire which may affect your eligibility for loans. Call me at (305) 562-0941. or email me at Nicole@Luxeknows.com.


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