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FHA and the GSEs have different rules for the sale of a condominium versus a stand-alone single-family home. The reason for these rules goes back to a long-held belief that condominiums are more risky than single family structures. These rules have hampered the ability of homebuyers to purchase a condo, and make it much more difficult to sell condominiums. The rules include limits on the number of units that can be rented; limits on the number of units that can be delinquent in dues - regardless of the financial standing of the property; unreasonable burdens on properties to be approved; and limits on commercial space.

Condominiums are often the most affordable homeownership option for first time buyers, small families, single people, and older Americans. The current rules prevent buyers from purchasing condominiums; harm homeowners who wish to sell condominiums, and harm condominium properties that cannot turnover REOs. NAR continues to work with FHA and Freddie Mac and Fannie Mae to insure that people who wish to purchase a condominium have safe affordable access to mortgage credit.