Great news for condo buyers
– a new bill passed in the Senate and waiting for President Obama’s signature will help condo buyers use FHA financing. The last few years has seen many financing obstacles for FHA buyers wanting to buy a condo. This law lifts those restrictions to make it easier for condo complexes to become FHA certified.
That translates into more options of first time home buyers. That means good news for condo buyers, condo seller and realtors. Among other changes, the legislation is reducing the percentage of owner occupied units required in a complex in order to qualify for FHA financing.