For many people condominium ownership is the gateway to real estate ownership. Stringent FHA guidelines have hampered many people from being able to purchase a home. The much awaited revised guidelines provide enhanced flexibility in three key aspects as follow:
- FHA certifications on condo developments will be extended from two years to three years, reducing the compliance burden on condo boards.
- Allow for single-unit mortgage approvals—often known as “spot approvals”—which will enable FHA insurance of individual condo units, even if the entire property does not have FHA approval.
- Secure additional flexibility in the ratio of investors to owner-occupants allowed for FHA financing in a condo building. This will help both new buyers and owners of existing condos.
The new guidelines will provide flexibilities for buyers and sellers to be able to increase homeownership to more people. Additionally, more units will be available for buyers to choose from, thus widening the real estate inventory opportunities.
Have you been priced out of the market or been unable to find and eligible condo to buy? With newly reduced interest rates and more flexible guidelines, NOW is your time! CAll TODAY 703-624-8333 or visit our website – http://www.POTPHOMES.com and contact the agent of your choice directly.