Preparing for changes in the FHA process

On Nov. 1, several changes to the FHA approval process will go into effect, including the elimination of spot approval for condos, the addition of two-flats and three-flats to qualifying buildings, and the relaxation on rules governing the amount of retail space found in a mixed use building. Mike McNamara, a home mortgage consultant working with Wells Fargo and Koenig & Strey GMAC Real Estate, talked to us yesterday about these changes and what they mean for buyers and sellers alike. He also covers some of the conventional loan options Wells Fargo can offer for the purchase of new and old condominiums.

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