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NEW FHA CONDO APPROVAL GUIDELINES. ALL REALTORS SELLING CONDO'S MUST BE FAMILIAR WITH THE NEW CRITERIA
 
New FHA Condo Approval Rules!
 
Realtors who are serious about their business must be aware of these new guidelines!!
 
In 2010, not to offer FHA financing on a condominium is in effect eliminating a huge chunk of buyers.  In today's tough mortgage and Real Estate environment you must expose the property to all possible buyers.
Lots of condo's serve the first time homebuyers.  FHA is Crucial.
 
FHA allows for 3.5% down payment.  Conventional programs require a minimum of 10% but in some areas 25% down payments
FHA will allow for lower credit scores.
 
FHA came out with new guidelines on Condo Approvals. We have had notice about this already in the end of 2009 but for the most part they went into effect 2/2/10.  There used to be an approved list of approved condo’s on the HUD website. If a condominium complex was approved, then we could do an FHA loan. If a condominium complex was not approved, we were also able to do “spot approvals”.  Spot approvals are individual approvals of a condo within a non-approved condominium complex.
 
Now the spot approval has been done away with and we have to check with the ... more

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