How do YOU spell Relief? CONDO relief, that is ...

Reblogger Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417
Real Estate Agent with United Real Estate TX #0552717

This is GREAT news for Addison condo owners (and North Texas owners, too) who want to sell but are living in complexes that have not been eligible for the FHA approval list. It should be easier for buyers who don't have the cash to buy, or who don't have the down payment to purchase with a conventional loan. The condo associations will have to apply (or re-apply) to get on the FHA approved list, so talk to your association board of directors or contact the property management company.

 

How do YOU spell Relief?
CONDO relief, that is ...
 

 
 
 
     I'm probably dating myself just a bit when I say I remember the commercial included below well enough to deliberately go hunting for it on  YouTube.  (And I'm sure current Dallas/Tony Romo fans say, Roger Staubach who?)
 
 

 

 

           Back in the early 80's when this ad was running, RELIEF was spelled R-O-L-A-I-D-S ... but as of September 13th, 2012? I think it should be spelled ... F-H-A ... Condominium Projects Revisions!

 
   Yes ...finally... FHA has revised its rules on  Condominium   Projects, for the better.  Some of the highlights include:
 
 
  •     Remember when no more than  15%  of Unit Owners could be  30  days late on their Homeowners Association Dues Payments? Now  HUD  has relaxed that requirement to  60 days late.
  •    Investors may now own up to  50% of the total units  in an existing building or project, as long as  50% or more of the Units have been sold to owner-occupants ... in other words, existing projects must have 50% owner-occupancy to be eligible.
  •     New Construction or Rehab Conversions within the last 12 months, require only  30%  owner-occupancy to be  FHA certified.
  •     Relaxed, clarified Insurance Requirements are now in play.
  •     A Greater Percentage of Commercial Space is now allowed within a building:  Increased  to as much as  35% with case-by-case exceptions up to  50%.

        And perhaps the biggest change is the following:
 
  •    Less imposing guidelines pertaining to penalties for Homeowners Associations and reporting requirements that ease the concern of volunteer officers  of Condominium Associations will now be in place.

 


        In other words, more Condominium Associations should be re-applying for FHA approval if their approval has expired ... and more Condo Associations should apply for approval, if they never have done so before.  
 
 
 
Thinking of Buying a Condo?  Represent someone that is?  Contact me today!  Gene Mundt, Mortgage Lender      The alternative?  Conventional Financing,  and the Guidelines attached to it.  Guidelines dictated by the  GSE   giants,  Fannie Mae   and  Freddie Mac. THOSE Guidelines remain firm and more restrictive than those offered by FHA.  Only the strong, best-positioned Condominium Projects can be financed with Conventional Financing ... a term known as "Warrantable", meaning approvable. 
 
 
      To me, the bottom-line is this ... It's not a perfect world for Condo Sellers, or their Agents.  But at least FHA has begun the process to help ease their pain and suffering. They're trying to provide some RELIEF.
 
 
      My suggestions for Buyers, Sellers, and Agents considering whether to take a Condo listing or presenting an offer for their Buyer? Moving forward, consider this ... 
 
 
     Choose ... or recommend working with a  Loan Officer   that knows the Condo Financing marketplace.  Your  decision regarding your Loan Officer could make the difference between a long, painful buying experience ... or a successful Closing.  As I have stated in prior posts, this is precisely where my years, knowledge, and expertise gained as a former Appraiser, definitively enhance my grasp and handling of Condominium financing and FHA Condominium Project approvals ... to the great benefit of my clients and Referral Partners.  The insight and information gained through my experience, makes my Buyer's, Referral Partners', and my Condo mortgage transactions a much easier, more successful, and fluid process.
 
     Within this challenging segment of the real estate market, no results are guaranteed.   But knowing ALL the options available to you is much better gained sooner ... than later.
 
      How do YOU spell Relief?  CONDO relief, that is ... as of September 13th, 2012 ... I  spell it ...  F-H-A Condominium Projects Revisions!
 
 
 
 
      * Thinking of buying a  Condominium  within  Will County   or elsewhere in the Chicagoland region?   Contact me  now!  I'll put my mortgage and appraising knowledge, expertise, and experience to work on YOUR behalf ... or your clients'.
      I can be reached through any of the following means:
Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281
Email:  genemundt
Skype:  630.219.1316
Mobile:  m.genemundt.com
 
 
      You're invited to find/follow me via your favorite social media also!

    

    
  

Gene Mundt Chicago Bancorp Facebook link logo           Gene Mundt Chicago Bancorp LinkedIn link logo           Gene Mundt Chicago Bancorp AR Google link logo           Gene Mundt Chicago Bancorp AR Twitter logo link   

      

Gene Mundt, Sr. Vice President - Chicago Bancorp mortgage lender      Gene Mundt, Mortgage Lender

                                                               Personal NMLS #216987


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NMLS # 175656

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Skype:   630-219-1316

 

 www.genemundt.com

gmundt@apmc.com

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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Lorrie:  Thank you so much for the re-blog of this post and the info contained within it.  Definitely news worth passing on.  Hope it proves beneficial to you and your clients moving forward ...

Thanks again,

Gene

 

Sep 26, 2012 11:22 AM #1
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Rainmaker
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Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417

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