Ask any lender or real estate agent and they can explain some of the difficulties when buying a condo.
There are over 150,000 condo projects, and “…only 6.5% are approved to participate in FHA’s mortgage insurance programs.” FHA can be a great way for many first time buyers to purchase their first home. A condo most likely will be at the price most can afford. Thus, something needed to be done with the condominium approval process.
Starting October 15 there could be between 20,000 to 60,000 additional units eligible through FHA.
Here’s a look at condos for sale under $400,000;
BJ Matson, Realtor®
Home Buying Advisor • RE/MAX
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