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August 15, 2019

Federal agency supports more condo mortgages

By JOSH BOAK
AP Economics Writer

WASHINGTON — The Federal Housing Administration is changing regulations to make it easier for more first-time condo buyers to receive mortgages.

The federal agency released new guidelines Wednesday for the types of mortgages it will insure at condominiums. Just 6.5% of the 150,000 condominium developments in the United States were previously eligible for FHA-backed mortgages. But the FHA will start backing mortgages for individual units and will have greater flexibility to react to changes in market conditions.


 
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