FHA may relax condo rules soon

You can use an FHA-backed loan to finance a condominium, but only in you live in an fha-approved condo. condo property values tend to fluctuate more than other types of real estate, and, consequently, lenders and insurers, like the FHA, only finance or insure mortgages on condos that meet certain guidelines.

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FHA may ease mortgage rules for condos. WASHINGTON – Thousands of condo-unit owners and buyers could soon be in line for some welcome news on mortgage financing: Though officials are mum on.

The FHA Condo Approval list is the only official list released by HUD.. It is updated once a day, so there is a 24-hour lag for condos that become FHA Approved, and when they appear on the list.Because of this, make sure to check back daily to see any updates made by HUD to the FHA Condominium Approval list.

By Deborah Goonan, Independent American Communities In light of recent developments, I am republishing the following blog, originally appearing October 27, 2015. See the following article. The House of Representatives has voted to relax condo rules. This is, in my opinion, a very misguided approach to improving the rate of homeownership, as well as affordability, for American home buyers.

FHA Approved Condos Search The requirements to get an FHA loan for a condo are strict. The complex itself needs to be FHA approved. Here’s why and what you can do about it.. If you are interested in purchasing a condominium, you may find that your ability to get an FHA loan is extremely limited. In order for the FHA to.

One of the benefits of owning a beachfront condo is that the responsibility for maintenance and upkeep is limited, so you can relax and enjoy. Beachfront condos may not qualify for some loans such.

But for those who make such plans, the new rules change how soon a borrower can take advantage of an fha streamline refinancing loan. Effective immediately, there is a minimum amount of time the FHA borrower must own the property and make fha mortgage payments before they are allowed to apply for refinancing.

Recently, I learned that the properties in the association are at a 48 percent rental capacity, and that rental capacity cannot exceed 50 percent; otherwise new buyers will not qualify for FHA..

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