New rules could make it easier to get mortgages for condos

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.

The big, traditional banks would pay you practically pocket change over decades while they can loan that money out for mortgages. and Acorns make it easy to set aside a small amount on a regular.

Before paying a higher rate and larger down payment, consider these hurdles and potential red flags.

You can. building new homes have conspired to make now an especially difficult time to get a foot in the door of home ownership. The first piece of buying a house, of course, is having the money to.

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The major banks are rushing to recover from an effective credit freeze earlier this year by cutting prices and making it.

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In May they made an offer on a two-bedroom, two-bath listed for. Why not wait until you've actually found a place to get a preapproval letter for a mortgage?. CONDO. Apartments come mainly in two forms in New York City.

In addition to the liberalized condo-to-commercial ratio, the agency announced three other changes designed to make it easier to finance a condo with an FHA loan. FHA is allowing single investors to buy up to half the units in a project, up from 10 percent previously. That move is as likely to help suburban and urban markets as resort areas.

There are lots of extra costs and rules you've got to consider, too.. 7 tips for Buying a Condo. To get a mortgage with the lowest possible rate and fees, you' ll want a loan that can be sold to Fannie Mae, one of the big government-owned companies that. At least 51% of the units in a new building will be owner- occupied.

Changes to the Condo Act will reduce requirements needed to get installation approval.

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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