Good news for Realtors, lenders and condominium unit owners who’ve been frustrated by FHA’s prohibition of “spot loans” in developments that haven’t obtained certification: The agency is now seriously exploring how to relax its ban and bring them back. Officials are mum on the details and timing, but they confirmed to me on Friday that reviving this key financing option is now under active study. The main reason: FHA is under growing political and trade group pressure — NAR and the Community Associations Institute especially — to do so.
Source - Inman News - Ken Harney - Contributer.
This would be a major benefit to both first time buyers and condo/town home owners. A large percentage of first time buyers are only qualified for a price range that will allow them to buy a condo or town home. This factor has limited home ownership. This has also kept a cap on the price of condos and town homes due to the lack of competiton to purchase this type of home.
Your Friends & Realtor,
Tony & Dani Lewis * RE/MAX of Valencia
www.TonyLewis.com tonyglewis@yahoo.com 661-510-7975
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