The National Association of Realtors® has since issued a statement praising HUD and DOJ for the agreement that will likely increase the availability of FHA loans for Naples Gulf Access properties, especially condominiums. NAR President John Smaby stated, “NAR believes this change will help more consumers access low down payment loans and ensure a wide range of financial institutions will offer Federal Housing Administration-backed loans in the future, which is particularly important as new FHA condominium loan policies have created additional opportunities for potential homebuyers across the country.”
In a good sign for owners and potential buyers of Naples Gulf Access condominiums, a recent change in rules should increase the availability of coveted FHA loans. FHA, or Federal Housing Administration insured loans have been a top loan instrument for first-time homebuyers and minorities since 1934. Millions of home buyers have become homeowners when they would have otherwise not qualified. Among the advantages of FHA loans, are low down payments of as little as 3.5%, and acceptability of lower credit scores of 580 and up. The disadvantages of FHA loans include higher costs in the form of additional required mortgage payment insurance, and fewer availabilities of properties.
The change in law should help assuage the latter disadvantage of fewer number of available properties. Generally, it has been very difficult for Naples Gulf Access homebuyers to secure FHA loans on condominiums. The change in laws should encourage more large banks to offer FHA loans on Naples Gulf Access condominiums, because the HUD and DOJ have agreed to ease the regulations on banks. The change in law comes in the form of a memo of understanding between HUD Secretary Ben Carson and U.S. Attorney General William Bar.
The maximum FHA mortgage in Naples and Collier County, Florida is $450,800 for 1 living-unit homes. This ample mortgage limit allows plenty of homebuyers to lock in a Naples Gulf Access property with as little as 3.5% downpayment. Please contact Naples Gulf Access for a list of waterfront properties in Collier County that can be obtained with an FHA loan.
Posted on November 3, 2019 at 5:09 pm by Jared Sugerman