Condo loan qualifications loosened as FHA eases crisis-era restrictions
Condo loan qualifications loosened as FHA eases crisis-era restrictions
Condos are more complicated investments than single family homes; multiple owners share responsibility for rooftops, decks, plumbing and electric wiring. Over the past decade, the Federal Housing Administration has required entire buildings to be certified before buyers could get a loan for a unit. The requirement was prompted by defaults that piled up during the financial crisis. Starting in October, the FHA is loosening qualifications for loans for prospective buyers of individual condos. That will add risk but could help with a national housing crisis.
Click the audio player above to hear the full story.
Stories You Might Like
Marketplace is on a mission.
We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.
Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?
