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The Condominium Conundrum
 

The Condominium Conundrum

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FHA Condo guidelines change in November, 2009 to align closer with existing Fannie Mae restrictions. ...

FHA Condo guidelines change in November, 2009 to align closer with existing Fannie Mae restrictions.

This may make financing for condominiums a little more difficult.

These are the slides from the online webinar, please feel free to contact us for questions or more information

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    The Condominium Conundrum The Condominium Conundrum Presentation Transcript

    • The Condominium Conundrum
      • Thank you for attending
      • We will begin in a moment
      • Class Scheduled to begin at 6:00pm
      • Homeownership Educator
      • Scott Schang
      • Branch Manager
      • Broadview Mortgage Corporation
      • 1-866-667-6724
    • Condominium Conundrum
      • Purpose and Goals
      • Inform you of common challenges when trying to buy Condominiums
      • Educated you about upcoming changes that will make it even harder to buy Condominiums
      • Empower you with the ability to identify potential challenges and avoid wasting time & money
    • Condominium Conundrum
      • Ask Questions throughout presentation
      • You may type questions in at any time during the presentation – Questions box on your screen
      • Homeownership experts are standing by to answer your questions during the presentation
      • This is an interactive learning environment. You will get the most value by having your specific questions answered
      • The only dumb question is the one you don’t ask
      • Write number down now in case you get disconnected
        • 1-866-667-6724
    • Condominium Conundrum
      • Topics we will cover
      • What is a Condominium?
      • What you should know about living in a condominium
      • Common challenges with buying now
      • Changes that will make it harder to buy soon
      • What you can do to identify challenges early
    • Condominium Conundrum
      • What is a Condominium?
      • “ Condominium” is a form of ownership and refers to the legal structure of the living community – not the living unit itself
      • You own in whole, the “Walls in” and have a shared ownership in the entire community
      • Your Homeowner’s Association Dues (HOA) help to pay for and maintain all common areas
      • Condominiums can be attached or detached
      • Townhome typically describes type of unit
        • Usually 2 story
        • No other units above or below
    • Condominium Conundrum
      • What you should know
      • There is a “Rule Book” – CC&R’s
        • Conditions, Covenants & Restrictions
      • The Homeowner’s association board of directors is the governing body in terms of community affairs
      • The board of directors is an elected position from amongst community members
      • The homeowner’s association is responsible for managing the finances of the community as a whole
    • Condominium Conundrum
      • Common Challenges
      • This market has created challenges for buyers looking to get bank financing on Condos
      • Condominium project must appear on an approved list to qualify for Fannie Mae (non FHA) Loan
      • Community must be 50% owner occupied to qualify for financing
        • Not vacant or Investor owned
      • If more than 15% of HOA delinquent – no financing
      • If there is unresolved litigation against HOA – no financing - reviewable
    • Condominium Conundrum
      • New Challenges
      • On November 2 nd , 2009 – FHA to adopt stricter guidelines for Condo’s to match Fannie Mae
        • Must be 50% owner occupied
        • Cannot have unresolved litigation
        • More than 15% HOA delinquency not eligible
      • Condos using FHA financing could be “Approved” on a case by case basis – Spot Approval
        • No longer available starting November 2 nd
      • New construction condominium project guidelines more strict as well
    • Condominium Conundrum
      • How to Identify Challenges
      • Knowing what can prevent financing can help you identify challenges more quickly
      • Get HOA information prior to making offer - Agent
      • Check Fannie Mae and FHA approved Condo lists online – see link on follow up email
      • Have your Realtor communicate with Seller/Agent
        • Inquire about other offers that may have fell out
        • Inquire about known challenges with financing
      • Have your lender call HOA to inquire
      • Order HOA Cert ASAP - $75 - $175
    • Condominium Conundrum
      • Wrap up and Take Aways
      • We are a direct Lender that specializes in CalSTRS, CalPERS, CalHFA, FHA, VA, USDA and Community based down payment assistance programs
      • We would love an opportunity to earn your business, we truly have an expertise in this program - we work with it every single day
      • We are more than happy to be your “second opinion” if you are already working with someone
      • We are more than happy to recommend you to a qualified Real Estate Agent that shares our values and passion for education - familiar with CalSTRS
    • Thank You for Attending If you enjoyed this class – Tell a friend 
      • Please tell us how we’re doing
      • Follow up email includes a link to “Praise” page
      • Your feedback is greatly appreciated
      • For more information
      • 1-866-667-6724
      • Homeownership Educator
      • Scott Schang
      • Branch Manager
      • Broadview Mortgage Corporation