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Temporary changes
- 50 percent owner-occupancy minimum excludes vacant and tenant-occupied units.
- Condo pre-sale threshold reduced to 30% from 50%.
- Cap on FHA loans in a building raised to 50 percent from 30 percent; can go to 100 percent in certain cases.
Permanent changes
- Eligible buildings’ association must have at least 10% of budget in a reserve fund.
- No more than 10% of units can be owned by one investor.
- No more than 15% of units can be at least a month in arrears on association fees.
- Loans now OK when associations have right to reject a buyer, provided there is no discrimination.
- From today’s article by Sun-Times columnist David Roeder about new FHA regulations intended to help condo buyers get loans.
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