 Major HUD Changes for Condominiums
Living in a condominium community can have many advantages, but the availability of FHA funding is being threatened so that means less condo approval Seattle loans there will be for future home buyers. There have been major changes take place and if your community hasn’t made changes and recertified there could be a negative impact.
One of the biggest changes is the elimination of spot approvals. A spot approval was previously allowed without the entire community having FHA approval. This meant the market was open to anyone for condo approval Seattle loans. Condominium communities didn’t need to be fully FHA approved to take advantage of the benefits. First time home buyers are a lot less likely to be able to get financing for homes in non-FHA approved communities. Condominium communities will have to get recertified every 2 years in order to appeal to that large group of home buyers.
How Can We Help?
We are the Condo Approval Group. We can help you by working directly with HUD to help your group get condo approval Seattle FHA loans. Our experience has helped many communities get approved and be able to offer affordable FHA financing.
Think about how being FHA approved will benefit your condo community. In today’s housing market you want to take advantage of every opportunity you can. Don’t miss out on the largest demographic of first time homebuyers with the simple condo approval Seattle programs.
Other changes include a mandatory recertification for HUD projects approved before October 2008 and recertification every two years. If you are currently on the HUD approved list you could easily fall off that list. It is important that you recertify as quickly as possible. We can help you get the condo approval Seattle loan you need by working with HUD and take care of everything from start to finish.
Understanding FHA Loans
The FHA isn’t a lender. It provides insurance for credible lenders. People that wouldn’t otherwise be able to get approved for a home loan can get a loan through the FHA. There are many helpful benefits of a FHA approved program. It can be a great boost for those first time home buyers that perhaps have little credit or don’t have a large amount for a down payment. Through a FHA program home buyers can put as little as 3.5% of the purchase price down. There are also condo approval Seattle programs that can assist towards closing costs.
Other benefits include having a co-signer. The FHA will allow a blood-relative to co-sign without the requirement of them living in the home. One of the biggest groups of potential first time home buyers are those that wouldn’t qualify for traditional loans and need the assistance of these programs.
Without spot approval these homebuyers won’t be able to purchase a home in a non-HUD approved complex.
Starting January 2010 your condominium complex could start to suffer without the options of the condo approval Seattle programs. Without affordable financing, market values in your community could drop. This not only affects future home buyers but current home owners are well. Without being able to obtain FHA financing everyone suffers. This is a tough home market, everyone needs to be doing everything they can in order to attract buyers and keep market rates up.
Most loan programs today have high expectations of the home buyer. High credit score, a good income and other qualifications for underwriting can sometimes be hard to obtain.
Don’t delay!
The best and easiest thing to do is to recertify immediately. Don’t wait until your certification has lapsed. This only makes the process longer and more difficult. It’s important to the livelihood of your condominium community to be HUD approved. This opens up so many more possibilities and gives those that otherwise wouldn’t have the chance to own homes. |
