Condo Q&A

Can condo association get FHA approval with over 50% rentals?

Written by stephen polinsky | Mon, Jul 30, 2012 @ 12:39 PM

We have a 12 unit condo. Two years ago I spent several months getting FHA approval. Now we are trying to renew. The only changes we have are our updated budget report and two units for sale. The board member working on the renewal told us that we have to allow leasing/renting for up to 50% of the units to qualify. We have never allowed renting (except to immediate family members) unless approved by the board for hardship situations. Is this a new change or is someone misunderstanding something? Apparently, we cannot 'restrict' owners from leasing?