Effective Oct. 15th there are new condo rules that will be very helpful to buyers.
FHA was created to help more buyers afford a home. The most affordable homes are condo. Unfortuantely FHA passed laws in 2009 that drastically restricted and reduced the number of condo complexes that qualify for an FHA mortgage loan. Plus they made it much more expensive and time consuming for the complexes to apply or renew their FHA approval.
The good news is that the new condo rules that will take effect Oct. 15th go a long way to address those stumbling blocks for buyers that want to utilize an FHA loan.
1) Extend FHA certifications on condo developments from two years to three years, with an additional six-month grace period to meet requirements.
2) Allow for spot approvals for an individual unit even if the condo complex is not approved.
3) Allow more flexibility on the required ratio of owner occupied vs investor owned (rental) units in the complex.
To read more details click here.
Whenever you are ready, here’s some ways that I can help with your real estate goals:
1) Free Access to search the Denver MLS for all homes currently on the market: Denver Home Finder Service Property Search
2) Join me for a home tour – Home tours are Monday thru Saturday at 2:00 pm or 6:00 pm – choose your tour here
3) Request a specific search that sends all the homes that meet your parameters as soon as they come on the market – that way you can beat others to the best homes. Send me an email with “specific search” in the subject line and your wish list – Price range, school district, style, minimum number of bedrooms, etc. – [email protected]
4) Receive a Home Loan Report –There are so many different loan programs. Do you need 20% down payment to purchase a home? Are there special programs for first time home buyers? What does CHFA mean? What’s the difference between a FHA loan and a Conventional loan? Send me an email – – [email protected] with “Home Loan Report” in subject field and I’ll send it right over.
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