F.H.A.’s new rules opens an important lending option to condo buyers. The FHA has relaxed their rules attracting more borrowers to purchase condos.
1. Borrowers don't need excellent credit. This opens doors to borroweres with weak credit
2. Borrrow amount increase from $362,790 to $729,750
3. More condos will be able to qualify for the FHA loans.
The downside if you qualify and take out a FHA loan is that borrowers must pay an FHA insurance premium which is similiar to the PMI.
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