NJHMFA FHA Condo Rules
As you may be aware, the newly revised FHA Condo Rules expand the eligibility requirements for condominium units, making it easier to purchase and sell condos in developments that have not received complete condominium project approval from FHA (
).This change will help to provide an opportunity for more buyers to have access to affordable housing options.
We are also excited about this change because it will open up NJHMFA program funding to a greater number of potential buyers and is a great opportunity to leverage use of the NJMHFA Down Payment Assistance Program. Our goal is always to help more people reach their dream of homeownership and we are glad to have you along as a partner.
Lenders are required to follow the FHA Guidelines regarding this expanded eligibility and provide documentation of your Lender’s Condo Warranty in lieu of NJHMFA Form 0016.