Starting October 15, 2019 it is going to be a whole lot easier to obtain financing for a condo due to a new HUD regulation. Combined with low interest rates its a great time to buy a condo in Sun Valley, Idaho!
The new law will make it easier for buyers looking for affordable housing to purchase a condo and reduce regulatory barriers that restrict condo financing. Previously, FHA loans were quite restricted on condos and favored single family homes. “Condominiums have increasingly become a source of affordable, sustainable homeownership for many families and it is critical the FHA be there to help them,” US HUD Secretary Ben Carson.
What is a FHA loan? As of 2019, FHA loans allow you to borrow up to 96.5% of the value of a home; meaning you may only have to put down 3.5%. They also accept buyers with lower credit scores than traditional lenders.
Learn how you can qualify for a FHA loan with a low down payment and flexible approval requirements here from US News: Best FHA Loans of 2026
With interest rates at a 3 year low, it could be a great time for first time home buyers to stop renting! Mortgage Interest Rates Hit 3 Year Low
