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June 15, 2014

FHA Reevaluates ‘Spot Loans’ for Condo Financing

By George Brooks

Spot loans are currently prohibited, but the agency is said to be reevaluating the product because of reports of first-time homebuyers having difficulty in obtaining FHA financing for condo unit purchases and seniors seeking reverse mortgages to tap the equity in their units.

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With the spring homebuying season in full swing, what percentage of your March 2017 application volume has been for “purchase” loans?

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