New rules could make it easier to get mortgages for condos

 · This ratio is new to the FHA rules as of late last year, as the maximum number of units any one investor used to be able to own was 10%. What are the FHA Condo Presale Requirements? The hardest type of certification to get is when your development is still in the presale status.

Buying a Condo: 10 Things to Avoid. by Kevin Graham;. As of June 25, 2018, we’ve made some changes to the way our mortgage approvals work. You can read more about our Power Buyer Process TM. When purchasing a new home, you have many things to take into account, such as location, cost, risk.

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This is good news for buyers who have smaller budgets and live in more urban areas with a high volume of condos to choose from. By relaxing some previous building qualification standards, the new rules could make it much easier for FHA loan candidates to buy condos.

 · New development condos typically have a generous deposit structure, so you don’t need to put down 20% immediately.. The rules governing condos benefit landlords and limit tenant bad behavior. Homeowner rules also make managing condo properties easier for investors. Disadvantages of condos as investments.

New mortgage rules designed to protect home buyers from over-financing went into effect this month. All insured mortgages (those with less than 20% down) will now have to qualify at a rate approximately 2% higher than the current posted rate of 2.5%.

New condo owners get a lot of papers and documents during the purchasing process, and among the most important they receive are the community’s Declaration of Covenants, Conditions & Restrictions (CC&R), the bylaws, administrative guidelines, and other legal documents spelling out the rules and regulations for life in their new home.

Also, just because FHA says you can get a condo loan does not mean the lender you have chosen will agree to fund such a loan. Further, to complicate matters the other direction, just because a condo complex is absent from the approved FHA condo list does not mean the lender won’t accept a "spot appraisal" and approve it, because the lender might.