Tag Archive for: condos

Can You Buy a Condo With FHA? 2026 Guide

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First-time homebuyers will appreciate the new FHA guidelines for condo buyers because they promote affordable and sustainable homeownership.Read More

Why Are Condo Prices Falling So Much Faster Than Single-Family Home Prices?

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The Fed “cut rates” one week ago today, and mortgage rates have remained higher ever since. We’re only a few more rate cuts away from 8% mortgage rates again. 😊 I am being facetious, of course. But – this is just another reminder (my 5,234th) that long-term rates often don’t fall when the Fed cuts the Fed Funds Rate.Read More

We’re Seeing Lots of Low Appraisals; Here Are Your Options

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Appraisals are coming in low more often, but here are six ways to keep deals alive, including smart uses of PMI.Read More

Condos: Balcony Issues; FHA Spot Approvals; Owner Occ Ratios; One Owner Has > 10% Of Units

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I met a wealthy developer who bought an entire 600-unit condo project after the 2008 meltdown for about $21 million ($35,000 per unit).Read More

Even Better Non-Warrantable Condo Financing; 40% Of Our Business = Non-Traditional Loans

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A few years ago, I was very worried about the commoditization of the mortgage industry, as about 90% of our business was 30-year fixed-rate mortgages with full income documentation. Everyone was offering the same product, and many borrowers (online shoppers in particular) did not seem to care about our online reviews, faster closes, assistance getting offers accepted, better service, etc. - they just wanted a lower rate. Fortunately, that has changed markedly, as unique products now reign supreme.Read More

Can’t Waive Contingencies For Condos; Why Do Rates Continue To Fall?

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Condo project approvals are a bigger issue now because Fannie and Freddie are scrutinizing them more closely; because condo projects themselves seem to have more issues relating to insurance, repairs and maintenance, and litigation; and because many HOA management companies have become bureaucratic and non-responsive.Read More

Will Commercial Office Buildings Turn Into Condos? Nope. But, We Can Dream…

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I was in Phoenix this weekend visiting my mom – and there was a very nice commercial office building behind my motel…that was completely abandoned (photos at bottom of blog). […]Read More

Please Don’t Fear FHA; “Spot” FHA for Condo Units; $6,500 Credits = Free Money

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We recently ran into a listing agent who was turning away ALL FHA offers even if they were significantly higher than other offers. This was shocking to us, as we thought the FHA inferiority myth had long been dispelled. I’ve blogged about this many times, but I’m hitting it again for two reasons: (1) the interaction with the above agent proves that the myth lives on; and (2) I want to make sure agents and sellers alike don’t leave money on the table for no reason.Read More

Inflation Eases/Rates Up – WHY? Delayed Closings; “Walls-In” Insurance for Condos; ADUs NOT Part of Square Footage

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A key inflation report, Personal Consumption Expenditures (the Fed’s “favorite”) was released today, and it showed that inflation continues to cool. But, despite that, rates went up. This surprised many casual market observers because cool inflation reports normally send rates sharply down, given that bond investors focus so heavily on inflation.Read More

Understanding Non-Warrantable Condos

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This comprehensive guide covers essential considerations, potential pitfalls, and alternate financing options for non-warrantable condos.Read More

Fannie Mae’s Greatest Hits! (You Don’t Want To Miss This)

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We recently locked a refinance for a borrower at 6.875% – after he was quoted 5.25% by another loan officer. The borrower did not use the other loan officer because […]Read More

Don’t Waive Contingencies For Condo Purchases – 14 Condo Considerations

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No matter how strong a buyer might be from a credit, asset, and income perspective, deals can still readily die if the condo or the Homeowners’ Associations don’t pass muster.Read More

What Kind Of Property Is Right For You?

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There are many different types of properties that homebuyers can purchase. There are pros and cons to each property type - so finding the right property largely depends on an individual's tastes and home-needs. To find out what kind of property is right for you, it's always best to do your research and work with an experienced real estate agent and mortgage broker.Read More

FHA Spot Approvals for Condos; We Are Getting Them Already

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I mentioned a few times now how HUD is now granting “Spot Approvals” for FHA financing for single condo units within condo complexes that are not FHA approved. We have […]Read More