Sellers of South Florida condominiums, buffeted by the devastating housing downturn, are bracing for another blow caused by prospective buyers’ problems getting mortgages.
Buyers who want loans backed by the Federal Housing Administration are being shut out of buildings that no longer qualify for FHA financing. That likely will slow the region’s recovering condo market and keep prices depressed in buildings not approved for FHA loans, analysts say.
Meanwhiile, owners in those buildings are sometimes stuck paying more in association fees to compensate for the unsold, often vacant units.
via Condos: Buyers needing FHA loans shut out of buildings – South Florida Sun-Sentinel.com.