fha: Condo Financing Made Even More Difficult
- 11/29/09 06:24 AM
FHA announced that it will put new requirements into effect for condominium financing. As of the writing of this article, the new requirements were schedules to take effect October 1, 2009. However, there was talk of delaying enactment until November 2009 to facilitate closing of first time home buyer tax credit transactions. Buyers should consult with their lender to determine whether the regulations will impact their purchase efforts. In some cases, the new requirements will eliminate FHA loans to entire condo projects while for others, it will make the process of obtaining an FHA loan considerably more difficult and time consuming. … (0 comments)
FHA announced that it will put new requirements into effect for condominium financing. As of the writing of this article, the new requirements were schedules to take effect October 1, 2009. However, there was talk of delaying enactment until November 2009 to facilitate closing of first time home buyer tax credit transactions. Buyers should consult with their lender to determine whether the regulations will impact their purchase efforts.;)
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