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FHA Eases Condo Requirements to Help Boost Sales!

Condo Lending Requirements.

What welcome news! Over the last few years there have been many restrictions that have prohibited condo sales for so many. It’s about time these decisions were made and many more should be added. 

All these restrictions have hurt the value of condominiums in this country. Many of these restrictions have supposedly been put on for the best interest of the consumer. The problem, I have no clue as to what they are trying to protect the consumer from.

Many condo owners have wanted to sell their unit and couldn’t, many prospective homeowners wanted to buy these units and couldn’t get financing. Again, how does this help or is in the best interest of the consumer?

Unfortunately, over restrictions have hurt real estate sales and values in the name of protecting the consumer.

FHA Easing Condo Lending Requirements To Help Boost Condo Sales

September 14, 2012 George Gombossy.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Jim G. September 20, 2012 at 03:43 PM
FHA refusing to issue loans to individual condo units without an assurance of FHA compliance for the whole complex is not an unreasonable restriction. A loan on a qualifying individual unit could be dragged into the trashbin by a complex that is failing or is overloaded with existing bad loans, lender-owned units or walkaway owners. The article you list skates around the real issue: it's up to condo associations to maintain FHA qualification as a whole, on behalf of their owner/tenants. Since CA's can't do much of anything without owner votes, I suggest those complaining are those who don't have time for the CA meetings.
George September 22, 2012 at 12:35 AM
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