Good News for Buyers, Lenders and condominium unit owners who’ve been frustrated by FHA’s prohibition of “spot loans” in developments that haven’t obtained certification:
Wednesday, April 9, 2014
FHA may bring back 'spot' condo loans
FHA may bring back 'spot' condo loans
The agency is now seriously exploring how to relax its ban and bring them back. Spot loans are important for sellers whose condo associations’ boards of directors have chosen not to apply to FHA for approval of the entire development. Spot loans also are crucial for existing unit owners who want to obtain a reverse mortgage to tap their equity. Read more
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