Miami Condos, new rules could keep out buyers and hurt builders
New lending rules for buyers of Miami condos are already pushing some developers to change or cancel plans for new projects fearing too many buyers will be shut out.
The Federal Housing Administration, on Monday, started limiting the number of buyers in condo buildings that can get loans insured by the agency. Restrictions were also put on buildings with poor finances, too many delinquent owners and high number of rentals.
These new rules are designed to protect the financial health of the FHA. Approximately 18% of loans insured by the FHA are either late or in foreclosure and the agency's financial level has dropped below the federal minimum.
Full Article...Miami Condos, Miami real estate
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