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South Florida

New FHA rules could boost Florida condo buyers

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The Federal Housing Administration recently passed new regulations that could move the South Florida condo market into a higher gear. While the agency has cut the number of units in a condo complex that must be owner-occupied, improving the prospects for smaller investor purchases, it also will phase out some regulations in December 2010, and that’s prompting some new projects to rethink their approach or put already-begun projects on hold. Ultimately, though, Grant Stern, president of Morningside Mortgage Corporation in Bay Harbor Islands, said the regulations will benefit local buyers who will soon be able to get back into the market on affordable terms. [Palm Beach Post] and [Sun Sentinel]