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FHA-Backed Mortgages Become Easier To Receive

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.