Video Blog - FHA Loan Restrictions, September 2009

This video was recorded in September 2009. The FHA condo restrictions proposed during this time are the following:

- Used primarily as residential real estate

- FHA insurance will be unavailable based on its vicinity to certain elements

- Property can't be within 3,000 feet of a dump, landfill, or super-fund site.

- 25 percent of the propertys total floor area cannot be used for commercial purposes.

- No more than 10 percent of the units may not be owned by one investor.

- No more than 15 percent of the total units can be in arrears (more than 30 days past due) of their condominium association fee payment.

- For new developments, at least 50 percent of the total units must be sold prior to endorsement of any mortgage on a unit.

- At least 50 percent of the units of a project must be owner-occupied or sold to owners who intend to occupy the units.

- Projects can't be in a designated wetland and/or flood zones

- All current condominium project approvals will be invalid (with the exception of projects approved on or after October 1, 2008) and projects must be re-approved under the new options available.

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Jay-Jay Tolentino
Realtor®, Residential/Commercial Consultant
Keller Williams Realty
cell: 512-669-9000
voice mail: 512-637-8448
fax: 512-346-9634
e-mail: tolentino@kw.com
website: http://www.jjtolentino.com

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