New rules could make it easier to get mortgages for condos

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For instance, to get a Fannie Mae mortgage for a condo, the condo also needs to be on a list of approved or warranted buildings or developments. The rules include such things as commercial space like restaurants or stores shouldn’t make up more than 10 percent of the building’s space, Trungale says.

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Reverse Mortgages Made Easier for Condo Owners New law helps seniors gain HUD approval to convert home equity into cash. A reverse mortgage is a special type of loan designed for homeowners age 62 or older that allows a borrower to convert a portion of their home equity into cash.

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%.

Do this by “requesting financial statements from the HOA,” says Machado. If the HOA is poorly run, you could be charged a special assessment fee to pay for a major expense. Finally, make sure you even can rent out the unit. “Renting out a condo or townhouse may not be possible under HOA rules.

 · While it’s fairly common for those in tight rental markets to have a roommate to help split the rent, an emerging trend is buying real estate with a family member or friend. Faced with high home prices in big cities and tougher mortgage rules, including a new stress test on uninsured mortgages, it.

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The only question is: Will you be able to get a mortgage to finance your dream purchase? You likely won’t have to worry about getting approved by a lender. NerdWallet reported in early 2017 that the average approval rate of mortgage application is 88.2 percent nationwide, based on 2015 data.

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The government-backed mortgages are popular with first-time buyers because they require as little as 3.5% as a down payment, in many cases. But the vast majority of condos have not been eligible for FHA financing, which has been heavily restricted in the wake of the housing crisis that began in 2006. The new rules, which are expected to extend.

The change is expected this year, and once the system is updated, it will really help those who can afford a mortgage payment but don’t have an established credit history. This will open up the market.