· The new mortgage rules will have more of an impact on sellers and lenders than buyers and borrowers. Things will be in a state of flux for a while, however, as lenders and property managers get used to the new rules. The most notable changes for first-time condo buyers will be: Things need to happen earlier in the process.
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· There has been a lot of chatter in recent weeks on Capitol Hill from lawmakers and housing groups pressing the Federal Housing Administration (FHA) to ease its regulations on condominium financing. But while easier FHA condo rules would improve seniors’ access to FHA-insured Home Equity Conversion Mortgages (HECMs), reverse mortgage industry members are skeptical.
There are also some budget rules the association must abide by for potential residents to get a mortgage. Typically, an association is limited in terms of how much of its budget can be received from non-incidental business operations (like a restaurant, health club or spa).
October was an interesting month for condos in Toronto and the Canadian real estate market in general. With a year-over-year average price per sqft growth of 9.7% in the GTA, and the federal government implementing new mortgage ‘stress-testing’ measures, many people feel that the dreams of first-time buyers are being crushed.
Condo loans are getting easier to get now that mortgage giants Fannie Mae and Freddie Mac have eased some of the requirements. Find out what’s changed for condo buyers.
· Changes To FHA Condo Rules Make It Easier For People To Afford Condo’s September 15, 2012 by admin Leave a Comment The federal housing commission has revised the rules that encourage condo associations to get certified or re-certified for financing which allows individual condo owners to low down payment, FHA insured mortgages.
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What’s Different About Getting a Condo Mortgage? Buying a condominium is often the choice of people who value convenience. But getting that convenience means you have to put up with a few extra challenges when it comes to qualifying for a condo mortgage.
· Condo Residents Urge FHA to Ease Rules on Reverse Mortgages. In Venice, where 57% of residents are age 65 or older, according to U.S. Census Bureau data, there are likely others in similar situations as Ward; seniors living condos who could potentially benefit from using a reverse mortgage to supplement their retirement spending, but are prevented from doing so due to their condo’s.