Great FHA financing news for the condo market
New FHA loan guidelines went into place Monday to make it easier to obtain financing on some condos. The biggest change is a reduction in the number of units that must be owner-occupied for the condo to qualify for FHA backed loans. Without the FHA backing, borrowers typically have to put down 20% for financing. With the FHA backing down payments can be as low as 3 ½ percent.
The Edge condo is the first to be approved which should bolster sales in the building and offer a potential boost to the remaining downtown West Palm Beach condo market. We’ll keep you posted as buildings become approved.
If you have any questions on FHA backed loans or financing in general please call Kathy Krailler at 561-383-9100. Kathy also has access to all of the Edge condo units available for sale as well as the bank owned and short sale units.
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