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FHA condo approval changes effective February 1, 2010 – DELRAP and HRAP
Many of you have heard that FHA condo spot approvals are now going away. While this isn’t entirely true, there are some big changes coming and they start February 1st – next Monday!
Here is an attempt to describe the changes and the impact they’re going to have:
Lenders will no longer be doing spot approvals. Instead, [...]
Tags: FHA Loans
What is FHA and What Does it Do?
The Federal Housing Administration, commonly known as FHA, provides mortgage insurance on loans made by FHA-approved lenders. It is the largest insurer of mortgages in the world, with close to 35 million insured properties.
FHA provides this insurance to protect lenders against losses due to foreclosure, which allows borrowers [...]
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