FHA tightened its financing of condo projects after being faced with significant foreclosures during the housing crisis.
However, the agency may be considering a change: The Times reports that FHA is drafting a major condo proposal for 2015, which could potentially bring back financing to more buyers and existing unit owners. Demand for condo units is rising in urban areas nationwide, but mortgage financing continues to squeeze out entry-level buyers, Times reports. List prices for condos in major markets are rising faster than prices for single-family detached homes in many areas. Condos are surging in popularity as boomers look to downsize and other owners seek to live closer to urban workplaces and cities, read more.
No comments:
Post a Comment