New FHA Condo Financing!
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.
