Now is the time to take advantage of the New FHA Condo Changes.
Comments
additional comments on "Take Advantage of New FHA Condo Changes"
Comments are closed.
Menu
Search
x
MBS Weekly – Barry Habib
MBS Highway is a communication tool that will help you improve your batting average and turn more conversations into applications. Every morning, you’ll receive a coaching video from Barry Habib which will help you beat your competition and be a true advisor in this rapidly changing environment.
NAMB
The National Association of Mortgage Brokers is the voice of the mortgage industry representing the interests of mortgage professionals and homebuyers since 1973.
In addition to mandating members adhere to a professional code of ethics, NAMB provides mortgage professionals with education opportunities, and offers rigorous certification programs to recognize members with the highest levels of professional knowledge and education.
The RESource Weekly
Ryan Hills and his team over at the RESource are great friends of ours. Tune-in their latest weekly episode right here on the home page of the National Real Estate Post. Ryan delivers fantastic content beneficial for both mortgage and real estate professionals.
Mortgage News Network
Andrew Berman is a wonderful friend of the NREP Daily. His MNN shows are always insightful with great guests. Be sure to tune-in to MNN right her on the National Real Estate Post to see what Andrew has in store for you. Great content for mortgage and real estate pros alike!
Shred Media
Shred Media is the first professional development agency for the real estate & mortgage industry. Shred Media was created for industry professionals by industry professionals. We understand that you have to stand out to stay relevant to today’s consumer. That is why we are hustling daily to build a community where today’s top influencers and thought leaders come together to collaborate.
Bearded Men of Real Estate
Two of our favorite guys over here at the NREP Daily. Ray and Dan are true leaders within the real estate industry and their weekly shows prove it. They bring great content and amazing guests to you in a fun and interactive way. Be sure to visit them by clicking the button below so you get notified when they go "live" on Facebook. Trust us, these guys are great!
Great idea for Realtors to market to condo owners, but…..who is going to submit the project to FHA for approval? That’s not an easy task. When FHA goes back to spot approvals, then we’ll really have something!
Until FHA goes back to spot approvals in California,they will continue to lose the condo business.
So…. who is going to have the condo complex FHA approved ? and spend the money and time getting his project approved ? Small detail. There is no FHA spot condo approvals like in the old days. That would be meaningful change
I looked up the FHA approved condos in Burleigh County, where I live. Of the 5 listed, only 3 were approved! Yes, that’s 3!! The other 2 for denied because they were missing paperwork. I recently had a condo listed and the association was trying to get approval. They were told they couldn’t get approval because they didn’t allow rentals?! First time I’ve heard that?? Has anyone else found that? Doesn’t make any sense for FHA to say, too many rentals is bad, but NO rentals is also also bad!
I may be wrong, but you may be misleading the realtors a bit on this otherwise great suggestion. I believe the reduction in owner occupied percentage allowance would apply at the time of an association applying for FHA condo approval. So if they were currently under 50% owner occupancy rate, that means they are likely not currently FHA approved. So the HOA would have to go through the approval process before we could close an FHA loan in such an association. I believe that FHA is considering allowing the ‘spot’ or ‘one off’ approval again, but I don’t believe that is allowable yet, correct?
This is an improvement, but still isn’t a silver bullet for most condos. If I’m wrong, occupancy ratio is irrelevant for FNMA/FHLMC when the subject is owner occupied. Unless someone absolutely has to go with FHA, I’d still rather go the route of a conventional loan.
Seriously, I don’t understand how this makes any difference until we have spot approvals again.
Here’s another glitch in these new rules–FHA requires that the HOA transfer 20% of annual dues to their reserves account and I bet most of these HOAs can’t due that without raising HOA dues.