Financing Condos in a Mixed Use Building
February 12, 2010 by Katie Wethman · Leave a Comment
As if condo buyers didn’t have enough headaches trying to buy a condo with the new FHA rules in place, many are also running into troubles with “mixed use” buildings, i.e., condos that have residential units but also commercial space (usually on the ground floor or street level), as is common in urban areas like [...]
Will the New FHA Rules Kill Arlington Condo Sales?
February 10, 2010 by Katie Wethman · 1 Comment
On February 1, HUD and FHA rolled out major changes to the condo approval process. Previously, buyers wishing to use FHA financing had two options: If the condo was listed in the FHA’s “Approved Project” database, you were good to go. But if it wasn’t, buyers had the option of going through the (now in [...]
VHDA Loans Allow Financing of Down Payment
December 15, 2009 by Katie Wethman · Leave a Comment
The Virginia Housing Development Authority has extended its Homebuyer Tax Credit Plus program to match the deadlines of the Federal First-Time Homebuyers Tax Credit. VHDA’s program lets borrowers use a second mortgage to finance up to 5% of the sales price (enough to cover FHA’s 3.5% down payment requirement) by using the $8000 first time [...]
FAQ: High Investor (Low Owner-Occupancy) Ratio Condos: How Can I Buy or Sell?
December 2, 2009 by Katie Wethman · Leave a Comment
One of the most common issues a condo buyer or seller faces in obtaining financing is meeting the owner-occupancy ratio required by lenders or the FHA. Owner-occupants means the units are actually occupied by their owners as primary residences, rather than those owners who choose to rent out their units. Renting units out is particularly [...]
Should I Refinance?
December 30, 2008 by Katie Wethman · Leave a Comment
I’m getting a lot of questions lately about whether or not to refinance. I’m looking into it myself, actually, so thought I’d share some thoughts. First, let’s talk about rates and the elusive 4.5% that some government agencies announced, then recanted, as a ‘target’. First, that rate may never get here. Second, it may have [...]
How Much Do I Need for a Downpayment?
November 18, 2008 by Katie Wethman · 3 Comments
How much do I need for a downpayment? It depends. (Come on, you knew I was going to say that.) There are some rules of thumb though. First, you can bet you need a heck of a lot more than buyers did a few years ago, or even one year ago. There are lots of [...]
Guest Post: Rehabbing Properties Using the FHA 203K Program
November 3, 2008 by Katie Wethman · 1 Comment
Thanks, Cindy Fox of SunTrust, for information on this program which can really help buyers who have found their diamond in the rough! You can find Cindy’s contact information at the bottom of this post. Looking for a bargain in the real estate market? Have you seen the perfect place for you and maybe your [...]
$7500 First Time Buyer Tax Credit Info
August 19, 2008 by Katie Wethman · 1 Comment
NOTE> This post applies only to homeowners who purchased in 2008. It’s official, the $7500 tax credit for first time buyers is now law. But how will it work? First of all, it’s not really a ‘credit’ per se — it’s an interest free loan. Nonetheless, as my first time buyer clients will tell you, [...]
How to Read a Good Faith Estimate or HUD-1
June 22, 2008 by Katie Wethman · Leave a Comment
It can be difficult to compare apples-to-apples when looking at closing cost estimates from lenders. There are lots of tricks that a lender can pull to make themselves look better, and there are so many expenses that’s it’s difficult to know which ones are “junk fees.” Let’s review terminology first. When you make a loan [...]
Complications Buying Condos Using FHA Financing
June 22, 2008 by Katie Wethman · Leave a Comment
FHA doesn’t play well with condos. Which is too bad, really, since FHA is such a perfect option for first time buyers since it requires only 3% down, as opposed to the 10% most banks are demanding right now. For a borrower to use an FHA loan to purchase a condo, it must be on [...]
