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Because of these new and more stringent requirements, the California Association of Realtors (C.A.R.) has launched Clarus FHA Approval, via C.A.R. subsidiary, Real Estate Business Services (REBS). |
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Because of these new and more stringent requirements, the California Association of Realtors (C.A.R.) has launched Clarus FHA Approval, via C.A.R. subsidiary, Real Estate Business Services (REBS). |
Great information, thank you for sharing, this can save us a lot of grief, lending keeps on getting tougher. Good luck
Good Evening Myrl
Thanks for the post and FHA Loan Update. Have a great day.
Myrl,
A lot of agents...and buyers got caught by these requirements at the beginning of the years. Condo associations around here aren't that forthcoming about their ratios.
Rich
Fantastic post. This information can save time, money, and home ownership. Thanks for sharing.
Whenever purchasing a condo, you do have to first look into the project's eligibility. If the project is not FHA approval, there are a few us out there who are authorized by HUD to issue DELRAP approvals.
Myrl ... the occupancy ratio on ownership needs to be reviewed, IMHO. Affordable units with 51% investor owner - and the opportunity for affordable purchase is mostly now only available to investors. While I understand the issues ... there must be some adjustments ... or they will eventually become renter properties ... and affordable inventories for first-time buyers and lower income buyers will cease to exist.
I just sent your link to an agent who made an offer on one of my short sale condo listings. Need to make sure her buyer can actually GET the loan her buyer is applying for after I spend 2 months fighting with the banks. So thank you for posting this, Myrl. Nice to have all of this information in one spot!
Henry - I agree these are difficult times for lending.
Patrick - You're welcome. I hope you have a GREAT weekend!
Richard - Finding those ratios hasn't been an easy task. Hopefully Clarus will help in that.
John - Saving time and energy certainly should be saved with these developments.
Rodney - That's important to know!
Jack - I agree 100% with you about the ratios. If there are too many rentals in a condo development, it's nothing more than another apartment complex.
Elizabeth - I am hopeful that the link will be helpful!
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