FHA Eases Requirements For FHA - Backed Condo Mortgages

The Federal Housing Administration (FHA) has taken action to modify its regulations in order to make it easier for buyers of condominiums to receive FHA-backed mortgages. FHA-backed mortgages are desirable because, unlike conventional mortgages that typically require a 20% down payment, the FHA-back loans only require a 3.5% down payment.