Mt. Hood Condos New FHA Rules
FHA has come out with new Condo lending guidelines. Here are some of the highlights that will have an impact on buyers and sellers in Welches, Government Camp and Rhododendron.
*Will not insure units if more than 10% are owned by investors. This rule applies to unsold units a builder owns or that are rented out by a developer.
*Will not insure if less than 50% are not sold nor are owner occupied.
*If there are more than 30% FHA loans already in the project, they will not insure. (I don't get that one)
*No financing of condo units within 1,000 feet from a major hiway-to avoid noise pollution impact on values. (Now that is a new one!)
Check with your local mortgage professional to get clarification on any of these items when buying or selling condos in the Mt. Hood area!