Updated Rules for FHA Loans for Minneapolis Lofts and Condos
For a fleeting moment in 2011 and even into a good part of this year downtown Minneapolis condos and lofts was in question for a financing standpoint. That's because so many building's FHA status was expiring.
This was forcing the homeowners association boards to resubmit updated highly detailed documentation to FHA regarding the finances of their respective building. One of the questions asked by FHA as part of the approval process involved the amount of renter to owner units in the building. Another question referenced the amount of commercial to residential square footage of the building. Still other questions asked about the balance sheet of the building along with the most…
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