In what can be seen as only good news for those looking to buy a property in a newly-constructed condo project, the Federal Housing Authority (FHA) has revised recently-proposed lending criteria.
According to Banker & Tradesman:
• Spot loan approvals can continue until Feb. 1.
• The FHA will allow a 50 percent concentration of FHA loans – up from 30 percent – in condo buildings, and well-qualified buildings can have up to 100 percent.
• A 50 percent owner-occupancy requirement for new condo projects.
• The pre-sale requirement has been reduced to 30 percent of new projects.
Great news if you’re purchasing a new condominium home. (Check with your mortgage lender for local home price limits – I believe it’s currently $523,750 in the Greater Boston area.)
Related posts:
- Mortgage loan delinquencies rise but at lower rate, MA does well
- Mortgage Bankers Association (MBA) walking away from its mortgage loan?
- Will there be big changes in US mortgage loan interest tax deductions?
- Points for trying: homeowner tries to get adjusted mortgage loan
- Should lenders modify loan balances to keep people from foreclosures?
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Details on new condo listings coming on the market in downtown Boston during the past 24 hours, including this property at 3 Rollins Street #301, South End, Boston, MA.
Details on new condo listings coming on the market in downtown Boston during the past 24 hours, including this property at 7 Concord Square, #2, in the South End, Boston, MA.
Details on new condo listings coming on the market in downtown Boston during the past 24 hours.
Details on new condo listings coming on the market in downtown Boston during the past 24 hours.