SILVER SPRING, MARYLAND CONDOS FOR PURCHASE - MONTGOMERY COUNTY

There are 336 active listings of condominiums for sale in the area. This means that there is a very good selection of properties for first time home buyers and investors.

Click the following URL to see the listings and sort by column headings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-88647705-584

Prospective purchasers should be aware of the new FHA underwriting guidelines that impact the available mortgage financing for condominium communities.

The Federal Housing Administration (FHA) is implementing a new approval process for Condominium Projects to insure mortgages on individual units. Use this link to access Mortgagee Letter 2009-19:   http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-19ml.doc   The following are some of the criteria that will come into consideration:

• No more than 10% of units owned by one investor
• No more than 15% of total units can be in arrears of condo association fees
• At least 50 percent of units must be sold; 50% of units must be owner-occupied (if under construction 50% pre-solds) and legal phasing is permitted

CONTACT YOUR MORTGAGE LENDER IF YOU HAVE QUESTIONS ON THESE GUIDELINES. ASK US FOR A REFERRAL IF YOU DO NOT HAVE A RELATIONSHIP WITH A LOAN OFFICER.

We represent home buyer clients as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties.