Loan Calculator Fha. Critics hit FHA on condo financing – The House members’ condo. can now use FHA financing. This reduced number, in turn, represents barely 10 percent of the total market for condominiums, according to congressional estimates. The.
Critics hit FHA on condo financing – This reduced number, in turn, represents barely 10 percent of the total market for condominiums, according to congressional estimates. The agency has also imposed a variety of other requirements..
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For those unfamiliar with the background and recent news surrounding FHA approval for condominiums, here is a very brief overview: The federal housing administration (fha) is agovernment agency that provides mortgage insurance on loans made by FHA-approved lenders and is a subdivision of the US Department of Housing and Urban Development (HUD).
“A lot of the condo associations out there got hit really hard during the recession and had a lot of investors come in, and the units have a lot of rentals,” said task force chair Lisa Dunn..
Critics pointed out that FHA once was the go-to source of condo financing for first-time buyers, but since 2010 its role has shrunk drastically. The FHA helped finance 80,000 to 90,000 condo mortgages.
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Kenneth Harney: Critics hit FHA on condo financing . Thursday Oct 29, 2015 at 8:00 PM. Democrats and Republicans on Capitol Hill don’t agree on much lately. But a bipartisan coalition of 56 House.
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Really, though, the question stems from the FHA guideline that the maximum concentration of FHA loans in a condominium is 50%. FHA uses case numbers to track all FHA loans and no FHA loan may exist without one. Once the 50% level is reached, case numbers may no longer be automatically assigned using FHA’s online system FHA Connection.
Stricter FHA certification requirements for condo developments have made most condos ineligible for FHA-insured mortgages, the primary source of condo financing since the. the argument goes. But.
Until this year, condo buyers looking to finance their new home with a low down payment FHA loan have had limited choices. The Federal Housing Administration (FHA) would not finance condos in buildings where more than 50 percent of the space was occupied by rental or commercial users.