New rules could make it easier to get mortgages for condos

For instance, to get a Fannie Mae mortgage for a condo, the condo also needs to be on a list of approved or warranted buildings or developments. The rules include such things as commercial space like restaurants or stores shouldn’t make up more than 10 percent of the building’s space, Trungale says.

 · "The mortgage recording tax in New York is expensive, and you want to do everything you can not to pay it again." Note, though, that a CEMA loan comes with its own expenses. Lopez says that if you refinance with your current lender, the process is much easier because there’s no need to get approval for reassigning the loan.

Condominiums are often the most affordable option for first-time homebuyers, but federal rules have made it hard to get mortgages on them. That could change with new rules released last week by the Federal Housing Administration. FHA offers a 3.5 percent-down loan that appeals to many buyers looking for their first home.

Find A Mortgage For An "Unapproved" Condo.. meetings if you can," Graham says. Get Unapproved Condos Approved. Mac have made securing approval easier for HOAs, and many mortgage.

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The solution is the introduction of new mortgage qualification ‘stress test’ that has stricter guidelines. In a nutshell, every borrower with 20% down or more has to now qualify at a higher interest rate. As a result, Buyers will be able to borrow less monies for their purchase, meaning they can now afford to pay less for property.

Condos are often the most affordable option for first-time homebuyers, but federal rules have made it hard to get mortgages on them. That could change with new rules released last week by the.

The new rule: Introduces a new single-unit approval process to make it easier for individual condominium units to be eligible for FHA-insured financing Extends the recertification requirement for approved condominium projects from two to three years Allows more mixed-use projects to be eligible for FHA insurance

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