Justin Perry's Mortgage Blog

The FHA has recently made it easier for homebuyers to finance condo projects.  Especially those with fewer than 5 units.  As one of the largest direct endorsed FHA lenders in Massachusetts and New Hampshire this is especially helpful to us and our clients.  Unlike many of our competitors we now have the ability to review condo projects in-house.  Some other highlights from the new FHA changes that are going into place on October 1st 2009 are:

•  Relaxing 10 year warranty policy to   allow high leverage financing
•  Lender delegated authority
•  Relaxing right of first refusal
•  Eliminating 1 year requirement for condo conversions
•  Relaxing need for environmental review
•  Eliminating lender review for site condos

Remember FHA loans limits are currently $523,750 with a 3.5% down payment on a condo or single family residence!!!

Please call or email me if you have any FHA related questions.