New rules could make it easier to get mortgages for condos

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Condos and manufactured homes can qualify, as well. "Basically, any type of credit is going to work," said Jerry Baker, senior mortgage advisor for M&T Bank in Lake Oswego. "It’s an easy-qualify.

Finally, the agency said the new rules will allow. regarding condo approvals can be viewed in an updated version of FHA’s.

You can now do. want to apply for a mortgage, for example, or get a new credit card, you’ll need to unfreeze your accounts. How to “thaw” the freeze varies by bureau; make note of it when you’re.

Reverse mortgages enable you to convert your home equity into cash, but. Though the guidelines for condos to become eligible for FHA approval. HOA for you to see if it is feasible to do reverse mortgages in your project.

Reverse Mortgages Made Easier for Condo Owners New law helps seniors gain HUD approval to convert home equity into cash. A reverse mortgage is a special type of loan designed for homeowners age 62 or older that allows a borrower to convert a portion of their home equity into cash.

The Federal Housing Administration is changing regulations to make it easier for more first-time condo buyers to receive.

Buying an affordable home just got a little easier. The Federal Housing Administration recently announced new changes that.

In addition to the liberalized condo-to-commercial ratio, the agency announced three other changes designed to make it easier to finance a condo with an FHA loan. FHA is allowing single investors to buy up to half the units in a project, up from 10 percent previously. That move is as likely to help suburban and urban markets as resort areas.

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FHA Makes it Easier to Finance Condo Purchase. New rules could make it easier to get mortgages for condos. Nov. 18, 2015. By NICHOLAS NEHAMAS The Miami Herald – tribune news service. condominiums are often the most affordable option for first-time homebuyers, but federal rules have made it hard to get mortgages on them.