Home ownership lies at the center of the American Dream. That’s why in July 2016, Congress enacted H.R. 3700 directing the Federal Housing Administration (FHA) to adopt rules changes to ease onerous restrictions on FHA loans financing condominium purchases.
In September 2016, FHA published its proposed rule implementing Congress’ direction. The proposal would authorize single unit approval loans and relax burdensome condominium certification requirements. Housing advocates enthusiastically embrace these changes
to expand the range of affordable housing and open home ownership to more well-qualified, first time home buyers. The new rule will help more families realize the dream of owning a home.