Mortgage
Sale concessions can lead to higher down payment
When negotiating sales concessions on a purchase, be aware that it can affect the down payment amount.
Revised first-time homebuyer tax credit
The $787 billion American Recovery and Reinvestment Act of 2009 revises the first-time homebuyers tax credit.
Fannie Mae revises condo guidelines
Effective March 1, 2009, Fannie Mae is implementing condo guideline changes “in light of the current condo market and the need to mitigate risk on condo loans”. Some of these changes may affect a buyer’s ability to obtain conventional condo loans for new and established condos
Condo investors…an endangered species?
New mortgage fees and restrictions may hinder investment condo opportunities.
New mortgage fee for condo purchases
Condo loans may get a little more expensive with a new Fannie Mae fee that’ll go into effect as of April 1st.
Newly constructed FHA approved condos
A number of new condo developments have obtained FHA approval. With FHA approval, buyers can more easily obtain FHA financing for their purchase which provides a low down payment option, more lenient guidelines and higher financial ratios.
FHA Primer
With the credit crunch and constricting mortgage availability, FHA loans have recently become more appealing to buyers. Here’s an overview of FHA benefits and requirements.
Presale Lending
When purchasing a home, whether it’s a presale condo or a resale single-family house, you should be pre-approved for a mortgage. The pre-approval lets the seller or builder know that the buyer can afford the amount and complete the transaction. It will strengthen your offer. For many presale purchases, it’s often a requirement that buyers…
