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Do New FHA Condo Rules Impact Your Crofton Condo?

Crofton-area condo owners could be affected by some of the new FHA rules, released this week. (Mortgagee Letter 2011-22: Condominium Approval Process for Single Family Housing – Consolidation and Update of Approval Requirements)

Ask your condo board and management company to track the owner-occupancy and delinquency ratios, so they can keep property owners informed. Obviously it will impact the value of your home if financing becomes unavailable for any properties in your association.

These are just two little snippets of information about the new condo rules.  Be sure to ask your agent or lender for other details that could impact your condo in the greater Crofton area.

Find out if your Condo is FHA-approved. I did a random search for one Crofton condo association this morning, and its approval expires 8/31/11.  Be sure to check for this and other details about your association’s status.

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