Exciting news about FHA and condo financing!
If you’ve ever tried to use FHA to do any kind of condo financing in the past, then you’ll know it’s been a challenge. Many condominiums lost FHA financing when prior approvals were required to be re-done from scratch. As a result, it’s been tough to do anything but conventional financing with many kinds of condos.
As recently as October, FHA began allowing single-unit financing. Instead of trying to get the whole complex approved, a single unit can now be approved for purchase or refinancing through the FHA loan program.
We’ll still need the association’s budget, insurance information, and a lot of the same documentation we needed before, but this is going to open the doors to condominium ownership to a significant number of people.
If you have any questions about FHA loans, and what these changes mean for condominium purchases and refinances, contact us today.