The U.S. Department of Housing and Urban Development (HUD) is expected to release updated guidance on FHA-insured condominium financing. The new rules should benefit buyers by making low down-payment mortgages on condominiums more available to first-time homebuyers, small families and those who live in urban areas.
“Condominiums are often the most affordable option for first time home buyers, small families, and those in urban areas,” said NAR President John Smaby, in a statement issued to the media Wednesday morning. “We are thrilled that (HUD) Secretary (Ben) Carson has taken this much-needed step to put the American dream within reach for thousands of additional families.”
The guidance will go into effect in mid-October, 60 days from publication. I expect this to be a valuable tool for home buyers looking for affordable housing options, especially in downtown Oklahoma City. With many high-rise buildings being converted into condo’s, this should allow more OKC-area families to buy rather than rent.
Here is the full press release by the National Association of Realtors.
Here is the full rule that is scheduled to be published in the Federal Register on August 15, 2019.
