Condo

June 15, 2009 - (RealEstateRama) — New regulatory guidance designed to streamline the Federal Housing Administration’s approval process for condominiums nationwide is expected to have an immediate impact in the state of Michigan, where single-family projects are frequently developed under a condominium structure, according to the National Association of Home Builders (NAHB).While most of the new rules announced on June 12 by the U.S. Department of Housing and Urban Development will not take effect until October 1, a provision that eliminates the need for FHA approval of “site condominiums” that are prevalent in Michigan, but may also exist in other states, will take effect immediately, opening the door for thousands of home buyers to use low-downpayment FHA financing to purchase new single-family homes