Ever since 2008, when the Federal Housing Administration changed the rules on the financial health of condominiums, having each condo apply for FHA approval every 2 years, thousands of condo projects lost their approval status.
Requrements for FHA approval are:
- At least 10% of the income must go to reserve funding.
- 50% of the project must be owner occupied.
- No pending or current litigation that could have consequences in extra costs.
- No more than 15% of the units are 30 days or more deliquent on dues
- Must meet FHA mandatory insurance
We looked at the FHA approved condo chart with sad eyes. Out of 8,500 condos in Miam-Dade County and Broward county, only 30 were FHA approved.
Call Susan Penn, EWM Realtor to purchase a property 954-557-5993