financing: What is the Condo Limited Review? Well, it may just save your Deal
- 07/19/12 03:58 AM
We all know condo financing has gotten ridiculously hard. Few are FHA Approved, taking out the FHA mortgage option for someone buying a Condo. So that leaves us with the Conventional loan route. But many lenders and mortgages require an owner occupancy of 70%+. The owner occupancy rate is the % of people who own and live in their condo vs those who rent out their condo. So what do you do if the condo is “non warrantable” and does not meet the owner occupancy rate needed to get approved for a mortgage……..
The Answer is the Condo … (2 comments)
financing: How To Find Out if That Condo is Approved for a VA loan
- 01/20/11 07:19 AM
Condo financing has gotten harder. In order for your buyer to buy a condo with a VA loan, the condo must be VA approved. In order to find out if the Condo is VA approved checkout: VA Condo. It is the direct link to VA's website to find out if the condo is approved. Please call or email me with any questions. … (2 comments)
financing: FHA 90 day rule(anti flipping) has changed. And its good news. A must Read
- 03/03/10 10:32 AM
The 90 day rule for FHA loans is this: the seller must have owned the home for at least 90 days before selling it to a buyer who is using FHA financing. A while back they removed bank foreclosures from this rule. Now they have allowed individual sellers to sell their home before 90 days. This is GREAT news. But there is some things to know and consider:
FHA rule is they allow the seller to technically double what they bought the property for. But over 100% will require a 2nd appraisal I can tell you for a fact, most … (2 comments)
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