FHA changes rules so more first-time condo buyers can get mortgages

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

15.8.2019

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

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

Unlike conventional mortgages that require 20% down, the FHA backs loans that require 3.5% down payments.

As regulations tightened after the housing crash, the number of FHA mortgages for condos fell from 72,900 in 2010 to 16,200 last year.

Wider availability of mortgages could increase construction by 7,000 condos, according to an analysis last year by HUD.

Read more: Los Angeles Times

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