Changes to FHA Condo Policies

FHA Loans are designed to Help YOU!

Good News!

The Federal Housing Administration (FHA) joined the National Association of Realtors (NAR) to announce additional changes to the FHA policies.  Earlier this year, FHA formally declared the lowering of its upfront mortgage insurance premium to 1.75% of the loan amount.  That was a big jump from the previous.

FHA and NAR are continuously trying to make homes easier to obtain and finance.  This month, it was announced the owner occupancy requirements and the lengthy and complex re certification process of condominium complexes will no longer be needed.  This is especially helpful for those buyers looking to purchase a home in Condo Complexes.  There will be less requirements to approve the complex where you wish to live.

The ability to finance a home can be tough for some families or individuals, especially first-time home buyers.  If you don’t already know, an FHA loan is designed to make homes more affordable and obtainable.  It’s a type mortgage that allows you to put as little as 3.5% for down payment, as appose to 10 or 20 percent down required for conventional loans.  The credit score requirements are also a bit flexible.

REMEMBER** You can also use an FHA loan to purchase a single family home.  They are not just for condos or PUDs. If you are interested in purchasing a home or condo using an FHA loan, I work with several qualified lenders that I know & trust and they will be able to assist you.  Please don’t hesitate to call or email me.

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