Saturday, February 25, 2012
Wednesday, February 15, 2012
Financing Condos a Bit of a Challenge...
I was just discussing the situation of financing condos and the conditions for being able to finance a condo with someone recently. I did some research on FHA rules and recent chages that have made financing harder for many condo develpoments.
These are the highlights I found when reading the article:
• New developments- have to be 30% owner occupied and presale 30% of units
• Commercial space no more than 25% of the building space
• No more than 10% of the building owned by 1 investor
• No more than 15% of the total units HOA dues in arrears
• Reserve accounts and budgets will be reviewed
Many of the Asheville area condominiums would not be affected by these requires, but it does require additional research before you know if you can get financing on the condo that you want to buy.
Vistit this link for more details: http://www.realtor.org/wps/wcm/connect/74a0aa00476e9b5c86bfafaa3b85ca9a/FHA_Condo_Rules_07.01.11.pdf?MOD=AJPERES&CACHEID=74a0aa00476e9b5c86bfafaa3b85ca9a
These are the highlights I found when reading the article:
• New developments- have to be 30% owner occupied and presale 30% of units
• Commercial space no more than 25% of the building space
• No more than 10% of the building owned by 1 investor
• No more than 15% of the total units HOA dues in arrears
• Reserve accounts and budgets will be reviewed
Many of the Asheville area condominiums would not be affected by these requires, but it does require additional research before you know if you can get financing on the condo that you want to buy.
Vistit this link for more details: http://www.realtor.org/wps/wcm/connect/74a0aa00476e9b5c86bfafaa3b85ca9a/FHA_Condo_Rules_07.01.11.pdf?MOD=AJPERES&CACHEID=74a0aa00476e9b5c86bfafaa3b85ca9a
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