By Associated Press | | PUBLISHED: August 14, 2019 at 10:10 am | UPDATED: August 14, 2019 at 6:56 pm By Josh Boak, The Associated Press The Federal Housing Administration is changing regulations to make it easier for more first-time condo buyers to receive mortgages. The federal agency released new guidelines Wednesday for the types of mortgages it will insure at condominiums. Just 6.5% of the 150,000 condominium developments in the U.S. were previously eligible for FHA-backed mortgages. The FHA will start backing mortgages for individual units and will have greater flexibility to react to changes in market conditions. Brian Montgomery, the FHA commissioner and acting deputy secretary of the Housing and Urban Development Department, said the changes would make it easier for first-time buyers, retirees and minorities to become homeowners. Individual condos will be eligible for case-by-case approvals under the revised guidelines – effective Oct. 15 – if no more than 10% of the units are FHA-insured. For condos in complexes with fewer than 10 units, no more than two units can have FHA insurance. Unlike conventional mortgages that require 20% down, the FHA backs loans that require 3.5% down payments. Under existing guidelines, no one can get an… Read full this story
- Quartzy Signs On OriGene, Advansta and Jackson ImmunoResearch to Expand Access to Key Lab Supplies
- Tennessee governor's race: See where the candidates stand on how to expand access to health insurance
- Dental therapy expands access to care, would aid most Arizonans
- Republican U.S. Senate Candidate: Protect, expand access to public lands
- Compromise reached on bills to expand access to dental care in Massachusetts that 'could be a model for the rest of the country'
- Maine Organizations Urged to Apply for USDA Technology Grants to Expand Access to Health Care and Education in Rural Areas
- the Family Springboard mortgage is just one option for first-time buyers with a low deposit
- Mortgage rates highest since 2014; lenders allowing up to 85% cash-out mortgages
- EagleBank Mortgage Lenders Gonzalez and Pirzadeh Stand Out in National Mortgage Industry Rankings
- NY state gives condo owners millions in property tax breaks; the rest of us pay for it
FHA to expand access to condo mortgages have 340 words, post on www.presstelegram.com at August 13, 2019. This is cached page on Business Breaking News. If you want remove this page, please contact us.