New FHA Condominium Guidelines
What Effect Will This Have On Your Condominium Values?
For the last few months the Federal Housing Administration (FHA) has been planning to implement new guidelines that can affect how Condominiums are sold nationally. This is important because your property values could be effected substantially. So keeping informed is essential when determining if you should consider selling now or if you should sell in the future.
If your considering purchasing a Tinley Park Condominium, this is valuable information. You want to know if your property will be put into a better position to sell in the future. With the new extension on the Tax credit, purchasing now is a great idea so you can take advantage of this. Be sure to have all the facts before making any final decisions. I specialize in Tinley Park Condominiums so if you have any questions, call me directly at 815-301-7007.
The good news is they have changed some of the previous guidelines they were originally planning on implementing. Here are some of the highlights.
Spot Loan Approval Process
Originally this was going to be removed completely as of Dec. 7th 2009 which would have caused havoc on existing FHA contracts on Condominiums. They have agreed to extend this to Feb. 1st 2010. This is a date you as a condominium owner should know about. If you are selling a buying a property that is not FHA approved and will need a spot approval, please take this date into consideration and let the professionals assisting you know about it.
FHA Concentrations Of 50%
They have increased the concentration of FHA loans from 30% to 50% in complexes that follow certain stipulations. For the scope of this article we won't go into these but if you have a question, please contact me directly at 815-301-7007 and I can assist you in determining whether your Condominium fits this category. Basically what this means is that no more than 50% of the units could have been purchased as an FHA financed purchase.
Owner Occupancy Must Meet 50% Minimum
In order to qualify for an FHA purchaser, your Condominium would have to be 50% owner occupied minimum. This means if more than 50% are vacant or were sold as an investment and not a primary resident, you property would not qualify.
Since a majority of the the purchasers in todays market are seeking FHA financing, especially first time home buyers, this is essential in determining your value position in selling. Know the facts before making a costly and uneducated mistake.
To get your Tinley Park Condominium, Townhome or Home Value, go to www.TinleyParkHomeValues.com for your instant home value. You can get this in just minutes by visiting the above link.
For more information regarding the FHA Guidelines, Your Home Values, Selling or Buyer in Tinley Park, call Raymond Kennedy today at 815-301-7007.
Raymond Kennedy
Realtor - Real Estate Consultant
Tinley Park Condominium Specialist
RE/MAX Team 2000
18080 S. Wolf Rd.
Orland Park, IL 60467
Direct: 815-301-7007
Fax: 708-645-8357
Email: tinleyparkhomes@gmail.com
Website: www.TinleyParkHomeValues.com
