NC FHA Condominium Loan Details
March 7, 2010 by Eleanor
Filed under FHA Mortgage Loans
The FHA Program for Condominiums is a tiny bit different from the program that covers “traditional” Single Family Homes. Originally, the program was designed with differnt mortgage insurance coverage, that is no longer the case. The program, HUD Section 234(c) of the National Housing Act provides mortgage insurance for any mortgage loan covering a one-family unit in a [...]
FHA Condo Woes
September 3, 2009 by Eleanor
Filed under FHA Mortgage Loans, Housing News
Condominiums are getting more and more difficult to finance, and FHA is not helping! According to Mortgagee Letter 2009-19, the following changes are being put in place for Condominium Projects: FHA will NOW allow lenders to determine project eligibility, review project documentation, and certify to compliance of Section 203(b) of the NHA and 24 CFR 203 [...]
Step 2 Homebuying in Cary
June 7, 2008 by Eleanor
Filed under First Time Home Buyer
In a previous post we explored the whole “First the Loan, then the Home.” Mentality of Home Shopping. The idea is that if you begin shopping for a $175k home because you used an online calculator and figured that’s what you could afford… but some reason you DON’T qualify for that much… you’re never going to find a $150 [...]