FROM OUR BLOG
October 21, 2019
condo,  FHA,  HUD

If you haven’t heard, HUD has expanded their condo qualification requirements! Condos can now be approved on an individual basis (non-FHA approved projects), assuming basic criteria is met. HUD’s previous approach had significantly limited the condo market, and had a negative impact on first time and seasoned homebuyers. HUD expects these changes to open up homeownership to roughly 20,000-60,000 homebuyers!

The criteria for a condo to qualify:

-Max FHA concentration in the complex of 10% (projects of 10 units or more)

-50% owner occupancy

-Less than 35% commercial/non-resident space

Sign up for our mailing list

Stay up to date and receive occasional updates about the Colorado housing market and useful information.

We're here to help.

CONTACT US TODAY!
Sierra Pacific Mortgage Company, Inc.

Sierra Pacific Mortgage NMLS# 1788. Michael Shotnik NMLS: 218281, CO License: 100017466. Regulated in Colorado by the Division of Real Estate #988320. To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.