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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (79820)6/5/2008 12:29:37 PM
From: koan  Read Replies (1) of 116555
 
I believe it was Wells Fargo, but the implication was that all banks are affected i.e. buyers will be unable to get mortgage insurance (and they cannot get a loan without it) for a condo unless the condo association is qualified under FHA guidelines. Few in my town are.

FHA only requires 2.25% down, but the condo association has to jump through a lot of hoops to get FHA approval.

As you know if you put 20% down you do not need PMI (mortgage insurance).

But few condo buyers have 20% to put down. And they used to have a zillion programs for 0% down with 5% down being the most common and some 10% down.
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