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fha: New FHA Financing Rules for Condominiums - Thank Goodness! - 11/12/09 09:53 AM
On November 6, 2009, the Department of Housing and Urban Development issued new guidance relaxing the financing requirements for condominiums. For condominium developers, listing agents for condominium projects, and condominium buyers, this is GREAT news. Basically, an individual buyer may now get FHA financing in a project that qualifies. What's so great about FHA financing? It allows the least amount of money down (3.5%), has lower credit score requirements, and allows a "non-owner occupant co-borrower," which is fancy HUD-speak for a cosigner on the loan.
So what does this mean practically? Someone starting out could buy a $200,000 property with $7,000 … (1 comments)
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fha: First Time Home Buyers - Why Are You Waiting? - 05/18/09 10:12 PM
I am a little bit flummoxed. Right now, housing affordability is the best it's EVER been, since the National Association of Realtors has been tracking the statistics. Interest rates are at record lows, under 5% in many instances. The Federal Government is still making 3.5% down payments, under 5% interest rate financing available to buyers through its FHA program. AND there is a federal first time home buyer credit available of $8,000, which means eligible individuals or couples filing jointly will get an $8,000 credit on their 2009 tax return. That is essentially $8,000 in free money back from the government, just for doing … (7 comments)
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fha: Was Chicken Little Right? - 10/08/08 09:07 PM
IS the sky falling? Considering the fact that Nobel Prize winning-economists, Congress, and the Cabinet don't seem to know, I'm not going to dare to opine. However, I do have some observations about our local real estate market - lovely Richmond, Virginia, my hometown - which I am listing below in no particular order.
1. I've said this before, but it continues to be true: It is a great time to be a first-time buyer, if you have good credit and some cash to put down. There are some amazing values out there. And there are great loan programs through the Federal Housing … (2 comments)
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Melissa Loughridge Savenko
Richmond,
VA
More about me…
RE/MAX Commonwealth
Address: 509-511 N. Meadow Street, Richmond, VA, 23220
Office Phone: (804) 353-4455
Cell Phone: (804) 986-3993
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