•· NAR has asked FHA to lower the required occupancy ratio on condos which currently requires 51% owner occupancy. They have also asked that REO condos not be counted as non-owner occupied. (I really like the 2nd idea).
•· If you are selling a condo or have a client buying a condo, realize that condo guidelines are becoming more specific and difficult on conventional loans with less than 20% down. We could possibly see next year that on a conventional loan you may have to put 20% down to buy a condo. Thus, price the condos well to sell NOW and make sure they show their best.
•· Credit score requirements on conventional loans with PMI continue to rise. Officially later this month Radian will require a 700 fico score with 15% down and a 720 fico score with 10% down. RMIC now requires a 660 fico score on any loan with PMI. FHA loans keep looking better and better.
•· 2009 FHA loan limit will be $368k throughout the Denver metro area.
FHA loans keep looking better and better everyday.
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