Thursday, November 12, 2009

FHA rule change could benefit condo market

The Federal Housing Administration is giving the condo market something it hasn’t had for a while – a little breathing room. Last week, the FHA, the federal agency that insures low-downpayment home loans for private lenders, said it was relaxing its building underwriting guidelines as a way of helping the struggling sector ride out the downturn. The move could help boost sales in condos by making more FHA mortgages available to borrowers.

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