September 2009

Guidelines for FHA Condo Approvals In Flux

Tuesday, September 15th, 2009 at 4:53pm. 645 Views, 1 Comments.

Currently if you are approved for an FHA loan and you are looking for a Condo, the Condo development must be on the "HUD" approved list for condos. If it isn't, there is what is called a "spot approval" that the lender can do where they evaluate the development on an individual basis and approve it for FHA financing as long as it meets certain criteria.

As of Nov. 1, there are changes to the FHA guidelines for Condos that will be going into effect, although they haven't announced exactly what the changes will be. The bottom line is that it could become more difficult to purchase a condo with an FHA loan in the coming months, depending on exactly how they change the guidelines.

 I will update this blog when I have more…

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Are you sure you have the patience for a short sale?

Tuesday, September 15th, 2009 at 4:31pm. 529 Views, 1 Comments.

While I do work on Short Sales, it's very important that the client has expectations that are in line with reality. When explaining the differences between normal, REO, and short sales to clients I try to always stress the fact that patience is the biggest factor. I currently have a client who has been waiting for lender approval of his offer on a short sale listing, and we are on MONTH number 6! That's right, it's been six months since submitting the offer and we haven't heard anything from the lenders yet. I have a colleague in my office who is literally ONE YEAR into a short sale, and STILL waiting on approval. If you were looking to buy a house, would you want to wait that long to know whether or not your offer is accepted? I think not. At the same…

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