Home & Garden

Home & Garden

FHA reforms aren’t much help to condo buyers

If you’re a first-time buyer with a moderate income and not much cash for a down payment on a condo, the availability of Federal Housing Administration (FHA) financing is a big deal. Not only do you need just a 3.5-percent down payment, but FHA is also far more flexible on credit compared with other financing sources. With a subpar FICO score and a high debt-to-income ratio, banks and big investors such as Fannie Mae don’t want to know you. FHA welcomes you with open arms.

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