Owners of condominium units are facing an even tougher time than owners of single family homes due to the recent changes in the rules that the FHA has established for lenders to follow prior to approving a loan on a condominium. Spot approvals of condo units is no longer allowed. The building’s financials must be examined and the condo development must itself be approved in order for a purchaser to obtain a mortgage on the property. This creates an added frustration for those trying to sell a condo. Read more
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