FHA Condo Guideline Changes Delayed to Nov 2

"The Federal Housing Administration (FHA) has delayed the implementation of rules that could make life more difficult for condo buyers in the metro Chicago real estate market and across the country. The delay should be especially helpful for those hoping to qualify for the first-time buyer tax credit that expires after Nov. 30.

According to Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network, the new FHA rules, which were to take effect Oct. 1, will now be effective on Nov. 2."