CHANGE IN MORTGAGE RULES AND FHA OPENS THE DOOR TO EASIER FINANCING FOR CONDOMINIUM PURCHASES
In the past, many condominium sales fell through when the buyer required financing through FHA because lenders were not permitted to give loans on buildings that were not FHA approved. Approval under FHA was strict, required certain budgetary measures, and often caused lots of stress and lost deposits for homebuyers.
Recently however, the DOJ and HUD have joined forces to ease up a bit on the FHA condominium lending guidelines making it much easier to obtain a real estate loan and FHA financing on condominiums that were once turned down.
This change will hopefully help more consumers access low down payment loans and ensure that a wide range of financial institutions can participate in qualifying homeowners.
For assistance with your Condominium purchase and seeing whether your condominium qualifies under the FHA guidelines, contact us.
With over 20 years experience helping homeowners with their real estate needs, at the Law Offices of Jacqueline A Salcines PA we are here to help.
Call or email us today.
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