No more spot loans from FHA !

Jun 29th 2010

Related Posts: Credit & Finance, Government, Mortgage Money

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On February 1, the FHA eliminated its spot loan program. As a result, all condominiums must be on FHA’s list of approved projects for FHA-insured financing to be available to buyers and existing owners. In addition, communities are now required to show proof of an adequate budget and sufficient funding for insurance. FHA project approval impacts homeowners’ ability to refinance and may impact the value of individual units and the overall community. Check out you locale with your loan specialists and brokers and it is very important learn how to secure project approval for your community. Realtors need to be very thorough on the front end of potential sales to prevent failure and customer disappointments.

This entry was posted on Tuesday, June 29th, 2010 at 4:05 am and is filed under Credit & Finance, Government, Mortgage Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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