Real estate blog entries tagged with financing condominiums by Melissa Loughridge Savenko (RE/MAX Commonwealth)

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Home : Blogs : Melissa Loughridge Savenko : Richmond, Virginia Real Estate - Melissa Savenko's Blog : Tag "financing condominiums"

financing condominiums: New FHA Financing Rules for Condominiums - Thank Goodness! - 11/12/09 09:53 AM

On November 6, 2009, the Department of Housing and Urban Development issued new guidance relaxing the financing requirements for condominiums. For condominium developers, listing agents for condominium projects, and condominium buyers, this is GREAT news. Basically, an individual buyer may now get FHA financing in a project that qualifies. What's so great about FHA financing? It allows the least amount of money down (3.5%), has lower credit score requirements, and allows a "non-owner occupant co-borrower," which is fancy HUD-speak for a cosigner on the loan.
So what does this mean practically? Someone starting out could buy a $200,000 property with $7,000 … (1 comments)

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Melissa Loughridge Savenko

Richmond, VA

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RE/MAX Commonwealth

Address: 509-511 N. Meadow Street, Richmond, VA, 23220

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