A recent article in the Seattle Times, discussing buyer’s challenges with loan guideline changes, reminded me of the importance of HOA and condo buildings doing their best to stay viable and eligible for FHA, VA and Fannie Mae approvals not only for buyers in the market, but also for condo owners who might want or need to refinance. In light of stricter lending guidelines, and frankly the sheer cost of buying a condo in our very expensive Seattle condo market, there are three key things condo owners should be encouraging their HOAs to consider and stay on top off.
FHA Mortgage Insurance reduction to be announced. It is rumored that President Obama will announce that FHA will be reducing the annual FHA mortgage insurance premiums.
Seattle condo review: FHA increasing mortgage insurance program. HUD is increasing the mortgage insurance premium per month by .25% for FHA loans.
It seems like everyday we are hearing new updates from the financial industry. FHA has just announced the following changes: 1.) Increase in the up-front mortgage insurance fee, paid by borrowers, from 1.75% [...]
Last month, the U.S. Department of Housing and Urban Development sent out a letter explaining some changes to the FHA in regards to condos. Here are some of the highlights. 1.) [...]