Big Changes Coming For Condo Owners
I wanted to let you know about a guideline change that is coming starting October 1st, 2009. This guideline can have a major impact on condominium owners. If a buyer is buying with an FHA loan the condo community has to be FHA approved and there is a list that banks use when doing an FHA loan.
Well starting October 1st this year that is going to change, all condo communities have to get re-approved. The process can be a little challenging, but mostly will take some time. The other part is that stating in October FHA will only allow up to 30% of the loans in a community to be an FHA loan, that can have a serious impact on some entry level communities or to say it another way affordable housing. Let's face it when a community is $250,000 and under most loans are going to be FHA.
So how does that impact people. If you own a condo and are thinking about selling NOW is the time. As long as you have a purchase contract and the lender has submitted the loan application and has received a HUD case number by September 30 th you are still good, hence the now. Afterwards your buyer pool will be seriously diminished.
So with that said if you are an investor and like the idea of buying Condos I say around mid November will be a great opportunity for you.
So if you or someone you know is thinking of selling a condo, call me immediately. 801-694-4762
Also here is a link to HUDs site that has a list of all the mortgagee letters, if you are looking for a cure for insomnia that is the link.
Remember don't wait now is the time. 801--694-4762
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