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Long FHA delay ruins Miami couple’s dream home purchase
Ernesto and Hilda Varela face two mortgage payments as FHA approval stalls their condo sale and new house loan. They learned only after selling their condo that FHA financing cannot be used for older projects not built to FHA specs. Delays proceed after Congress liberalized rules in 1978 with final regs not yet in place. The couple struggles with $927 monthly mortgage costs, job strain, and loss of Christmas funds, while awaiting FHA guidance and training.
MENTIONED IN THIS ARTICLE
Miami
Ernesto
Hilda Varela
Easy Street
Varelas
Congress
FHA
Federal
Washington
Hilda