Looks like HUD will be delaying the changes from Mortgagee letter 2009-19 to December 7th, 2009. Most of the changes are still coming out November 2nd from that letter, but new policy for condo project approval and condo unit financing is being delayed until the December date. So if you are in the market for a condo and need FHA financing to do it…..now is the time before the changes take place. Remember, the major changes that effect Chicago, Illinois are: HUD is putting the condo approval process in the hands of the direct endorsement lenders, so it will be up to them. HUD is still going to require 50% occupancy rate and they are capping their concentration to no more then 30% financed through FHA.
I can help you nationwide and Podemos ayudar en espanol! With my network of trusted individuals within the housing industry, allow me to be a person who is a one stop person for any of your home buying needs. If you are needing a mortgage on your purchase, or the refinancing of your mortgage start by sending me an email or give me a call now.
HUD and Condos, don’t forget about the change happening November 2nd! This should help a condo market like Chicago Illinois. Yes there are some downsides like consentration of FHA loans within a project, but conventional lenders have always had this in place and never hurt the market before. HUD is putting the condo approval process in the hands of the direct endorsement lenders, so it will be up to them. HUD is still going to require 50% occupancy rate and they are capping their concentration to no more then 30% financed through FHA. Most major lenders never went over 33% at the most in any project, so again, this has always been there and HUD is just coming into the times. There are several more changes that are taking place and encourage people to read the Mortgagee letter that I have linked to and is mortgagee letter 2009-19.
http://tinyurl.com/mortgagejaw10
I can help you nationwide and Podemos ayudar en espanol! With my network of trusted individuals within the housing industry, allow me to be a person who is a one stop person for any of your home buying needs. If you are needing a mortgage on your purchase, or the refinancing of your mortgage start by sending me an email or give me a call now.
Oct6
I often hear of people waiting to get the rates at the very bottom……well…..we are here. Even if you got a rate some where in the 5’s……wouldn’t that still be good enough and low enough for you? When a person buys a stock, of coarse you want to buy it at its very lowest and sell at its very highest. What happens if you stay on the side line and never get in the game…..well you don’t get to play.
Let me give you two reasons why NOW IS THE TIME!:
1. $8,000 tax credit ……….you could get this money!!!
2. Rates are pushing an all time low record. If you are waiting for them to get lower……DON’T!!!!
We can help you nationwide and Podemos ayudar en espanol!
With my network of trusted individuals within the housing industry, allow me to be a person who is a one stop person for any of your home buying needs. If you are needing a mortgage on your purchase, or the refinancing of your mortgage start by sending me an email or give me a call now.
Oct2
Well we do have this saying in Chicago……..”Wait till next year.” so I guess we were prepared. Well, back to work for Chicago! Speaking of work, if you have not heard already, rates are low, 1st time homebuyer credit ends Nov. 30th and there are a couple more changes coming down the way for FHA mortgages. I will get most the changes posted over the next few posts so keep watching for them. If you have any questions, just feel free to ask!
I can assist you nationwide and Puedo Asistirle en espanol!
With my network of trusted individuals within the housing industry, allow me to be a person who is a one stop person for any of your home buying needs. If you are needing a mortgage on your purchase, or the refinancing of your mortgage start by sending me an email or give me a call now.
