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The Virginia Legislature approved the renumbering of several sections of the Virginia Code, including the Property Owners’ Association Act, the Condominium Act, and the Common Interest Community Management Act.
Starting October 1, 2019, the numbers of the code sections will officially change. You will notice updated references in liens and lawsuits being sent to you for signature.
Due to the relatively high prices of condominiums in the Washington DC, Virginia, and Maryland areas, FHA financing has always played a big part in the condominium market. Interesting fact, the mortgage limits for FHA jumbo loans in the DC metro area and other jurisdictions in VA and MD can be as high as $726,525 for fiscal year 2019. However, the FHA condominium approval process and the regulations that guide it are constantly changing.