How FHA is Helping Buyers Obtain Condo Financing

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  1. I’m looking forward to these updates, but I don’t think it goes far enough. From a seller’s perspective, FHA is influencing home values by using these antiquated rules. The MARKET should determine value. Owner-occupancy percentages shouldn’t be a consideration at all. Not for any financing (I’m looking at you Fannie and Freddie). Next up they need to look at the allowable percentages of commercial space. Infill and urban density are wanted, but OOPS not if the development has a lot of (highly desired) commercial space…. Makes absolutely no sense. If the HOA has sufficient reserves – anything should be up for grabs IMHO.

  2. Whoa, the market determining the value of things? Sounds scary, Stephanie. šŸ˜‰

  3. I’m very interested in the trickledown effect of this to mortgage lenders. Hopefully it’ll all add up to a larger homeownership ratio in coming years!

  4. I agree with Stephanie, the market will not go far enough as expected. If the market determines the value, fair enough in terms of sellers perspective.

  5. Just be sure that the Condo Association allows FHA financing or if you can mortgage the condo at all. Many Associations have stipulations in their by-laws that if more than a certain percentage of the units are in distress (foreclosure or pre-foreclosure status) then they will only allow cash purchases of any of the units within the complex.