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?
- Lower mortgage loan interest rates in today’s real estate market
- Will mortgage loan interest income tax deduction disappear?
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