FHA to make condo buying easier?

Two years ago, almost no one would have thought that Federal Housing Administration-insured loans would become one of the most important sources of financing for real estate sales. Recent changes in FHA guidelines may make an FHA-insured loan a great choice for your purchase. FHA dates back to the National Housing Act of 1934. As part of that legislation, the 30-year fixed mortgage came into being. FHA has served as an important resource for buyers for 70-plus years, and its loan programs often allowed people to purchase with little or no money down. I remember doing my first FHA deal back in the 1970s. The property was priced at $62,000. In order for the transaction to close, the seller had to pay two points for the buyer ($1,240) plus all the normal closing costs (about 8 percent, part of which included commissions, the title policy, and the proration of taxes, interest and insurance). In addition, FHA sent out an appraiser who could require additional repairs be made ...