Federal Housing Administration Principal Deputy Assistant Secretary Ed Golding joined National Association of Realtors® President Chris Polychron to announce changes to FHA condominium policies. NAR has long advocated for broad improvements, arguing that existing policy is overly restrictive and keeps many consumers from buying and selling a home.
Golding said the changes will be similar to those requested by NAR. In particular, NAR had criticized the lengthy and complex recertification process, burdensome owner-occupancy requirements, and limits on the types of property insurance that are considered acceptable coverage under FHA’s rules.
NAR has worked closely with the Department of Housing and Urban Development to push for changes and NAR President Chris Polychron recently testified before Capitol Hill to bring attention to the problems. Golding said the changes related to insurance and recertification would take place immediately. He added that policy changes related to owner occupancy, commercial space percentage, FHA concentration and spot approvals would be addressed in a formal rulemaking in the near future.