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The FHA has recently issued new guidelines for FHA-backed condo loans. To qualify for FHA-backed loans, condominium projects must be approved by these specific guidelines.
As per recent estimate at least 30 per cent of condo purchases are made with FHA-backed mortgage loans, and many homes are purchased using these loans too.
Before 2008, leasing restrictions were allowed on condominiums by FHA guidelines. But in 2008, the FHA decided not to allow leasing restrictions for FHA-backed mortgages. After many months of changing regulations and pandemonium from condominium communities, the FHA has now modified its regulations to permit certain leasing restrictions.
"If your condominium statement includes leasing restrictions, you may require examining them for fulfillment with these new regulations," said Charlotte Attorney Michael Hunter.