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FHA SLASHES CONDO APPROVAL REQUIREMENTS BY 15%
For anyone working in the condo market with First Time Home buyers, you know that getting an FHA loan has always been a challenge, but under these new FHA guidelines for condo approval, more buyers will be able to take advantage of this small down payment loan to get that first home. Help spread the word if you sell condos with FHA loan. Stop by and comment on John Lemos's original post too.

FHA Slashes Condo Approval Requirements by 15%
It may be time to take a second look at condo projects that were previously off-limits for FHA loan approval.  Up until now, at least 50% of the units in an existing condo project needed to be owner-occupied in order to qualify for a loan insured by the Federal Housing Administration (FHA).  The reason for this requirement is FHA believes that owners who live in their condo unit tend to be more incentivized to take care of the their units and the overall condo project vs. renters or investors.  However, in response to a new law passed earlier this year, FHA has lowered their owner-occupied requirement on existing condos from 50% to 35% as long as these conditions are met:
Borrowers have to apply for a formal exception; No ... more

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