FHA Loans Getting More Expensive – Again
August 10, 2010 by Katie Wethman · Leave a Comment
Bill HR 2981 was passed by both the House and Senate, paving the way for higher charges for FHA borrowers. The majority of FHA loans are 30 year mortgages with a loan-to-value of at least 96.5%, which will see an increase in the monthly fee from 55 bps to a whopping 90bp, but on the [...]
This Month in Real Estate: July 2010
July 9, 2010 by Katie Wethman · Leave a Comment
This month’s report shows that home sales for May 2010 were up, thanks mostly to transactions in the South and West, 19.2% from the same time last year. 5.6 million units were closed in May, which is down 2.2% in April. There’s also a special report explaining FHA loans, which require just 3.5% down payments. [...]
Potential Extension of June 30 Settlement Deadline & FHA Loans About to Get More Expensive–AGAIN!
June 14, 2010 by Katie Wethman · Leave a Comment
Senate Majority Leader Harry Reid has co-authored a proposal to extend the June 30 settlement deadline for the first time buyer credit until September 30 to give lenders more time to process the incredible volume of contracts trying to close. The surge in loan volume has created delays around home appraisals and the usual delays [...]
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 [...]
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 [...]
