Tag Archive for: condos

Please Don’t Fear FHA; “Spot” FHA for Condo Units; $10,000 Credits = Free Money

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

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

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)

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 – 12 Condo Considerations

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

FHA Loans Available For Condo Buyers

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

What Kind Of Property Is Right For You?

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

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

Condo Spot Approvals (again), Reserves, Time-Frames; Rate Volatility

RATE VOLATILITY On Monday, a top producing loan officer/friend told me over dinner how much he loves the lack of volatility in the current rate environment. He explained that it […]Read More

Condos Must Be FHA & VA Approved; Townhomes & PUDs Don’t Need FHA/VA Approval

We are asked this so often that we thought it warranted a reminder. An entire condominium (condo) complex needs to be FHA or VA approved before a unit within the […]Read More

Owner Occupancy Ratios; Appraisal Management Companies – Problems & Solution

Reminder: Owner-occupancy ratios for condos are irrelevant if a buyer plans to occupy the unit; owner-occupancy ratios can be well under 50%. One of the primary reasons we left the […]Read More

Click-Throughs; Why Borrowers Qualify For Larger FHA Loans? 56.99%

In our recent monthly newsletter, we measured “click-throughs” for our various articles. Interestingly, the mortgage-related article about debt ratios got the most views. Two things: (1) Be sure to measure […]Read More

Beware of Homeowner’s Association (HOA) Dues; Lower Qualifications

As the prices of single family residences (SFRs) continue to climb, we have more and more borrowers shifting their home searches to condos and townhouses. The problem is that they […]Read More

How To Skirt Condo Issues With “Limited Review”

Yesterday’s blog outlined potential concerns when financing a Condo. There is a tactic to skirt the concentration issue, when one party or entity owns more than 10% of the units. […]Read More