New Condo Regulations starting in October:
Per Mortgagee Letter 2009-19, FHA is implementing numerous Condo
changes effective with case numbers on or after October 1st. The major changes include:
• No more ‘Spot’ Approvals will be allowed
• FHA will be limiting themselves to 30% concentration in a project
• 50% owner occupancy requirement (previously 51%)
o Valid presales (for owner occupancy requirement) will require executed sales
agreement AND evidence that a lender is willing to make a loan
• FHA condo approvals will expire after two years
FHA is expected to issue follow up guidance in regards to their system (FHA Connection) and how it will adapt to the new Mortgagee Letter requirements, so we will keep you posted on any future developments.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Tuesday, August 18, 2009
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- Mortgage Market Comment
- Take the sting out of closing costs
- Take the sting out of closing costs
- Redecorating on a budget? - Try Craigslist
- Redecorating on a budget? - Try Craigslist
- Mortgage Bond Comment
- Mortgage Bond Comment
- Mortgage Bond Trend
- Mortgage Bond Trend
- Lock Rates
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- World’s Most Expensive Streets Fall in Value
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- Does Foreclosure Cause Depression?
- Does Foreclosure Cause Depression?
- 81% of America thinks their house will not lose va...
- 81% of America thinks their house will not lose va...
- New Home Construction Declines in July
- New Home Construction Declines in July
- New Condo Regulations starting in October
- New Condo Regulations starting in October
- Mortgage Bond Trend
- Mortgage Bond Trend
- Fannie Mae Policy Changes
- Fannie Mae Policy Changes
- Daily market Comment
- Daily market Comment
- Broker Price Opinions in Charlottesville Picking Up
- Broker Price Opinions in Charlottesville Picking Up
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- Mortgage Bond Comment
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- Fannie Mae Posts Loss, Freddie Mac Posts Gain
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- Mortgage Rates Charlottesville
- Mortgage Rates Charlottesville
- New Rule for Short Sale Listings in Charlottesville
- New Rule for Short Sale Listings in Charlottesville
- ALERT TO LOCK INTEREST RATE
- ALERT TO LOCK INTEREST RATE
- Reg Z Changes
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- Charlottesville Mortgage Rate Watch Upcoming Week
- Charlottesville Mortgage Rate Watch Upcoming Week
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