The Federal Housing Administration is changing regulations to make it easier for more first-time condo buyers to receive mortgages.
The federal agency released new guidelines Wednesday for the types of mortgages it will insure at condominiums. Just 6.5% of the 150,000 condominium developments in the United States were previously eligible for FHA-backed mortgages. But the FHA will start backing mortgages for individual units and will have greater flexibility to react to changes in market conditions.
Unlike conventional mortgages that require 20% down, the FHA backs loans that require 3.5% down payments.As regulations tightened after the housing crash, the number of FHA mortgages for condos fell from 72,900 in 2010 to 16,200 last year.
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