Mortgage Insurance for Condominium Units (Section 234(c)) program assists potential homeowners in purchasing a home in a condominium development. The prospective condominium must be the potential homeowner’s primary residence. The intent of this federal program managed under the U.S. Department of Housing and Urban Development (HUD) is to insure the loan of a borrower who buys a unit in a condominium property. HUD does not directly provide loans to borrowers. Instead, HUD insures loans through FHA-approved lenders. Some of those who take advantage of the program are low- to moderate-income renters who want to buy their unit in order to
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Its Important For Your Condominium Community To Be Hudfha Approved
The Feds changed the game. You now need to be HUD and FHA approved before your condominium community can offer FHA loans to your buyers. Once your complex is approved you must be recertified every 2 years. If your condo community is not HUD/FHA approved you are missing out on a lot of buyers. For people who can’t qualify for conventional loans the FHA loan program is the answer. According to DQ News in April 2011 – 33.4% of the purchase mortgages used in 20 of the largest metro areas were FHA-Insured and the November 2010 Realtors Confidence Index reported
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