FHA To Ease New Condominium Guidelines

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

Removing The Verbiage "Right Of First Refusal"

Consider Getting This Verbiage Removed From Your Condo Documentation
If your condo assocation has the language of "Right of First Refusal" than you should seriously consider coming together with other members in your building to get this amended. This typically would require an amendment to your condo documentation.

The Benefit
The main benefit of this is to increase or at least maintain the value of your building or complex. Spending a little money now will reward you down the road. FHA loans are now becoming the majority of all loans especially for first time home buyers. Condos, Townhomes and Duplexes traditionally attract first time home buyers as the target market because of size, price and low maintenance. That being said, if your condo association has the language "Right Of First Refusal" than you are eliminating a majority of the willing and able buyers that could potentially purchase a condo or unit in your association. This will reduce demand and in return devalue your property substantially. Right now this language is eating away your equity.

This image is just for illustration purposes and used to help demonstrate how your equity could be affected by eliminating buyers with FHA loans due to the decrease of demand. These are not based off any data sources and shouldn't be considered accurate loss of equity.


You can contact me directly at (815) 301-7007 or email me at IllinoisAgent@gmail.com.

Ramond Kennedy
Tinley Park Condo Expert & Consultant
RE/MAX Team 2000

FHA Approved Condos In Tinley Park

TINLEY PARK FHA APPROVED
CONDOS, TOWNHOMES AND DUPLEXES

HUD provides a list of already approved condos in various areas. I have provided their current updated list. If your condo / association is on this list you are very likely approved. I would always double check by either reading your association rules and regulations and make sure there is no language stating it has "First Right Of Refusal".

Brementowne Estates
Cambridge Place
Castlebar Condominiums
Cedar Cove
Chantilly Condominiums
Cherry Creek II
Cherry Creek South
Cherry Hill Farms / Westberry Village
Edgewater Walk / Lake Bluff Condo
Hamilton Hills II Condominium
Kirby Condominium / Town Pointe
Lakeview Condominium / Square Brementown Square
Lakeview Condominium / Lakeview - Berry Creek
Meadows Park Estates Condo
Millenium Lakes Condominium
Oak Village
Park Venture Condominium
Pine Tree Lane Condominium
Sandalwood Condo (7321 West 175th St)
Steeple Run Condominium
Tiffany Park Condominium I
Tiffany Park Condominium II
Tinley Court Condominiums
Town Pointe Condominiums
Westberry Village Condominiums
Westberry Village West Condo
Westbury Village II

Remember, just because your not on this list doesn't mean you can't sell your condo to a FHA buyer. This list is just the condos that have already been approved. To find out if your association is able to sell to an FHA buyer the first step is to contact me. I can help assist you on how to find this information out.

This information is provided by HUD.gov. It is considered very reliable but not guaranteed. Feel free to visit the site to see for yourself.


You can contact me directly at (815) 301-7007 or email me at IllinoisAgent@gmail.com.

Ramond Kennedy
Tinley Park Condo Expert & Consultant
RE/MAX Team 2000