The Federal Housing Administration today lowered its owner-occupancy requirement for condominium financing, effective immediately. Previously, condominiums approved for FHA financing were required to be in developments with an owner occupancy percentage of at least 50 percent. With today’s announcement, financing can now be approved in developments with 35 percent owner-occupied units – provided that certain conditions are met. FHA expects this move to increase mortgage lending to lower-income and first-time homebuyers.
CFPB, DOJ: Black small-business owners face more hurdles when seeking financing
Joint CFPB, Justice Department exercise found that Black small-business owners "received less favorable treatment" in some aspects of bank financing, but the agencies warned against drawing broader conclusions.