Good News! Talltree South has been approved by the Federal Housing Administration (FHA). This means that someone can purchase or refinance a unit using an FHA loan. Under the old rules, spot approval could be granted, but withthe new rules, condo associations must request FHA approval in advance.
Given the prevalence of FHA loans in today’s housing market, this means that it is easier to buy or sell at Talltree South than in complexes without FHA approval. FHA loans encourage lenders to lend, assuring them that they will be paid back by the federal government in case of default.
Kelly Young