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Critics hit FHA on condo financing

FHA Loan Rules: Title Issues For Non-Borrowing Co-Owners. There are plenty of situations that come up when more than one person wants to borrow on an FHA home loan, but there are just as many circumstances where two people may want to own a property purchased with an FHA mortgage, but only one of the two is applying for the loan itself.

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Really, though, the question stems from the FHA guideline that the maximum concentration of FHA loans in a condominium is 50%. FHA uses case numbers to track all FHA loans and no FHA loan may exist without one. Once the 50% level is reached, case numbers may no longer be automatically assigned using FHA’s online system FHA Connection.

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Critics hit FHA on condo financing kenneth R. HARNEY. The ineligibility not only makes it impossible for would-be purchasers to use an FHA loan to buy a condo unit in the development but also.

Among the biggest areas of criticism of FHA’s rules are its limitations. This rule alone has made large numbers of condominiums in hard-hit markets ineligible for FHA financing, where investors.

Until this year, condo buyers looking to finance their new home with a low down payment FHA loan have had limited choices. The Federal Housing Administration (FHA) would not finance condos in buildings where more than 50 percent of the space was occupied by rental or commercial users.

Critics hit FHA on condo financing – This reduced number, in turn, represents barely 10 percent of the total market for condominiums, according to congressional estimates. The agency has also imposed a variety of other requirements..

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And many prospective condo buyers probably want to put as little down as possible, which is where the FHA loan and its 3.5% down payment comes in. Just keep in mind that when it comes time to sell your precious condo, it’ll be more difficult to find a buyer as well if financing is limited.

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 · Getting financing for a non fha approved condo in east columbus? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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