FHA may relax condo rules soon

FHA loans make it easier to buy a home, but you may save thousands if. by relaxing eligibility requirements-including allowing borrowers to buy a home.. They will often require certain repairs to be made prior to closing.. FHA rules require that a condominium project be approved by FHA in order for a.

Those changes could make it easier for some borrowers to get condo loans on projects that were previously ineligible for FHA home loans. According to the May 22, 2012 HousingWire.com article, FHA may relax condo rules soon, a HUD spokesperson was quoted saying the agency is "evaluating potential changes to our condo requirements and expect to.

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

Because if they do, FHA Condo Approvals may not be as valuable to associations as they are now. This could pose a threat to our livelihood. I explained that the spot loan program was eliminated due in part to abuse in the mortgage industry. It allowed for single loans in condominiums that were not on the FHA approved condominiums list.

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Real Estate Minute: New FHA Condo Rules The FHA recently announced temporary changes in some of the rules for a condominium complex to become FHA certified. Is it possible to get an FHA loan for a condominium?. Yes, it is possible – but if you have tried getting an FHA loan for a condominium recently, you are most likely aware that many complexes are not approved by the U.S. Department of Housing and Urban Development for FHA.

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Pressure Mounts on FHA to Relax Condo Rules – . rules by the end of the year that could make it easier for lenders to finance loans for condos." Beatty called on the FHA to ease its owner-occupancy requirements. Currently, 50% of the residents. Mortgage Payment Calculator Fha Requirements For An Fha Loan. FHA may ease mortgage rules for condos.