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fha rules: Condo buyers face new hurdle in FHA financing - 12/09/09 01:24 PM
December 7, 2009 -- On Monday, the Federal Housing Administration started limiting the number of buyers in condo buildings that can get loans insured by the agency. The rules also put restrictions on buildings with poor finances, too many delinquent owners and a high number of rentals.
First, a little background for you...The Federal Housing Administration (FHA) determines which condo complexes throughout the country are eligible for FHA financing. If you are looking to get an FHA-insured loan, you can only purchase a condo within a complex that is FHA-approved. It used to be that you just found an FHA-approved complex … (0 comments)
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fha rules: FHA proposes tighter rules for lenders - 12/09/09 12:35 PM
November 30, 2009 -- The Federal Housing Administration (FHA) has proposed tighter rules for lenders to reduce its risk and assure it can cover future losses. More on this as new information comes out, but here's a quick summary of why they are doing this and what impact it will have on our local real estate market in Edmonds, WA.
The FHA insures almost a quarter of all new loans made in 2009, and about 80 percent of that business is from first-time homebuyers. Especially with the $8,000 homebuyer tax credit, the rush for new purchases has perhaps given some lenders … (0 comments)
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Casey Bui
Edmonds,
WA
More about me…
Rockwell Realty
Address: Edmonds, WA
Cell Phone: (206) 234-5611
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