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windsor court: 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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windsor court: Richmond Real Estate - Things Are Looking Up! - 04/04/09 10:27 PM
Wow. The last few days have been azy-CRAY. I'm exhausted, truth be told. Now don't get me wrong, I'm not complaining. Being busy in this - per the media - "AWFUL" market is a good thing. It's hard to predict if the trend is going to last, but based on the current activity, at least in the sub-markets I specialize in here in Richmond, maybe things are turning around. Here's what I've personally done in the last five days:
Written an offer; Received two more; Had multiple showings on each of my listings; Held two well attended Agent Previews; Attended the … (2 comments)
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windsor court: Windsor Court Condominiums Open House - SUCCESS! - 01/04/09 08:13 PM
Wow! I'm pretty excited by the turnout for the Windsor Court condominium project at 1608-1614 Grove Avenue, especially considering it was a "soft opening" with no paid advertising (just post sign, street signs, MLS notice, Zillow notice, and Craigslist). On both Saturday and Sunday we had agents, LEGITIMATE potential buyers, and folks from the neighborhood. People were universally complimentary and I'm starting to think we may be priced too low - in this market!
I'll post a price list and floor plans, for anyone that is interested. Looks like good news in the residential real estate market, at least in the Fan. The market is clearly picking … (0 comments)
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windsor court: Windsor Court Condominiums in Richmond's Historic Fan District - Coming January 2009 - 12/17/08 03:48 PM
Well, I am VERY excited. A listing of mine, a 24-unit condominium project in the Historic Fan District, the Windsor Court Condominiums, is coming together and coming on the market January 3, 2009. This is the culmination of over a year of work by real estate agents, the real estate developer, the general contractor, the lender, the stager - you name it, there are lots of people involved.
I know most people would say it's a terrible time to be selling condominiums, but I'm convinced this project is DIFFERENT. There is a glut of condominiums on the market, but those other … (0 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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