be improving for short sales.
deadline set earlier this year, the U.S. Department of the Treasury and U.S. Department of Housing and Urban Development (HUD) announced that more than 500,000 trial loan modifications are in progress under the Making Home Affordable program.
Local lenders are telling me that new FHA
(Federal Housing Administration) lending rules for condominiums will be changing as of November 3rd, 2009.
This could have a negative impact on our local market as we have a large condo market and FHA loans are one of the few options available for borrowers
who have less than 20% for a down payment.
Some of the new impending rules:
Spot approvals eliminated
No more than 30% of units can be financed with FHA loans
50% pre-sale requirement for new projects
At least 50% of units must be owner occupied
Most condo buildings in Hoboken did not go through that FHA approval process.
If your thinking of buying and do not have 20% for a down payment, ask your real estate agent if the building you’re interested in purchasing is FHA approved. If not, listing agents should consult with their sellers to see if the association or management company should start the FHA approval process.
I’m told that if you’re interested in a FHA loan and your lender obtains an FHA case number before the November 3rd deadline, you should be ok. I would double check with your mortgage professional to see what their individual rules may be.
Check to see if your Hoboken or Jersey City condo building has been FHA approved
For more valuable information please go to I Want to Buy my Home at the Bottom.
As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.
