New FHA Rules for Condo Mortgages

Courtesy AustinTowers Downtown Condo Blog  Tue, 09/15/2009 - 8:35pm

FHA loans provide qualified buyers an opportunity to purchase units with loans that they would not otherwise qualify for.

In pariticular, FHA loans allow for smaller down payments, often as low as 3% of the purchase price. Next month, the rules behind these Federal loans will be changed substantially, making many condo projects and buyers ineligible for the first time.

When it comes to downtown Austin, FHA loans are the exception and not the rule. Many new condo developments...



 

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