New rules could make it easier to get mortgages for condos

But while easier FHA condo rules would improve. any individual homeowner could do an FHA loan,” Jacobus said. But since spot approvals have been eliminated, the process for helping seniors in.

For instance, to get a Fannie Mae mortgage for a condo, the condo also needs to be on a list of approved or warranted buildings or developments. The rules include such things as commercial space like restaurants or stores shouldn’t make up more than 10 percent of the building’s space, Trungale says.

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The Trump Administration’s plan to loosen financial regulations could make it easier for many banks to issue mortgages-and for less credit-worthy Americans to get them.

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Homeowners Association Lending Rules. If you’re looking to rent out your condo, make sure this is something the association allows. Finally, there’s the possibility that litigation against the association could affect your ability to get a loan. Typically, lawsuits that involve financial disputes are less concerning.

The new rule could help existing condo owners as well as buyers. FHA-approved condos have a larger pool of prospective buyers , therefore increasing competition and demand for the product. FHA could loosen its owner-occupancy rule even more without risking more defaults, according to a study by the Urban Institute.

Condo loans are getting easier to get now that mortgage giants Fannie Mae and Freddie Mac have eased some of the requirements. Find out what’s changed for condo buyers.

Mortgages for condominiums have special rules that don’t apply to other types of home loans. Some of these involve the different fees that must be paid for a condo mortgage, while others raise the bar on qualifying for the mortgage itself. Condominiums offer some very good deals right now.

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These products, called Home Equity Conversion Mortgages. new rules that are currently being considered in the nation’s capital. Last fall, FHA announced several changes that would make it easier.