Comments on: New Stricter FHA Condominium Lending Regulations and Guidelines Sure To Slow Financing And Chill Sales http://www.massrealestatelawblog.com/new-stricter-fha-condominium-lending-regulations-and-guidelines-sure-to-chill/#utm_source=feed&utm_medium=feed&utm_campaign=feed Timely Commentary On Massachusetts Real Estate Law by Richard D. Vetstein, Esq. Sun, 29 Aug 2010 13:26:21 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Angela Goff http://www.massrealestatelawblog.com/new-stricter-fha-condominium-lending-regulations-and-guidelines-sure-to-chill/comment-page-1/#comment-2797 Angela Goff Fri, 16 Jul 2010 15:05:41 +0000 http://www.massrealestatelawblog.com/?p=697#comment-2797 I would like to know if you have a updated list for FHA approved projects (Maryland) regarding condos, co-ops etc., just like Fannie Mae's loan approval list. This will help in deterimine if a loan would be approved for such property purchasers. If a condominium is not on the FHA-approved list, or has lost its approval, condominium associations should consider applying for approval (or re-approval). Is this correct? The HOA company can apply to approve such FHA loans being presented by an borrower for such property. Thank you, A. Goff I would like to know if you have a updated list for FHA approved projects (Maryland) regarding condos, co-ops etc., just like Fannie Mae’s loan approval list. This will help in deterimine if a loan would be approved for such property purchasers.

If a condominium is not on the FHA-approved list, or has lost its approval, condominium associations should consider applying for approval (or re-approval). Is this correct? The HOA company can apply to approve such FHA loans being presented by an borrower for such property.

Thank you,
A. Goff

]]> By: The nationally acclaimed the Massachusetts Real Estate Law Blog created by real estate attorney Richard D. Vetstein was recently ranked #97 in a ranking of all North American law blogs by Avvo.com. | Richard D. Vetstein, Esq., Attorney At Law, Vetstein La http://www.massrealestatelawblog.com/new-stricter-fha-condominium-lending-regulations-and-guidelines-sure-to-chill/comment-page-1/#comment-1852 The nationally acclaimed the Massachusetts Real Estate Law Blog created by real estate attorney Richard D. Vetstein was recently ranked #97 in a ranking of all North American law blogs by Avvo.com. | Richard D. Vetstein, Esq., Attorney At Law, Vetstein La Wed, 10 Mar 2010 00:01:26 +0000 http://www.massrealestatelawblog.com/?p=697#comment-1852 [...] New Stricter FHA Condominium Lending Regulations and Guidelines Sure To Slow Financing And Chill Sal... [...] [...] New Stricter FHA Condominium Lending Regulations and Guidelines Sure To Slow Financing And Chill Sal… [...]

]]> By: Jutta http://www.massrealestatelawblog.com/new-stricter-fha-condominium-lending-regulations-and-guidelines-sure-to-chill/comment-page-1/#comment-1574 Jutta Thu, 04 Feb 2010 07:44:39 +0000 http://www.massrealestatelawblog.com/?p=697#comment-1574 We bought a condo as 2 nd Home for Vacation in 2007 for $120.000. cause everything got so expensive, we cant go to that home as we wanted, so we ask a friend to move in , to do us a Favor and watch more or less that nobody gets in and steal anything, the neigborhood got really bad, cause all the condos that they couldnt sale are rented to low income peoples, well i was reading in the paper that the condo next to us, was saled for only 25.000 from the bank, isnt there a program for us ? even that it is our 2 nd home , but the condo isnt a dime worth anymore thank you We bought a condo as 2 nd Home for Vacation in 2007 for $120.000. cause everything got so expensive, we cant go to that home as we wanted, so we ask a friend to move in , to do us a Favor and watch more or less that nobody gets in and steal anything, the neigborhood got really bad, cause all the condos that they couldnt sale are rented to low income peoples, well i was reading in the paper that the condo next to us, was saled for only 25.000 from the bank, isnt there a program for us ? even that it is our 2 nd home , but the condo isnt a dime worth anymore thank you

]]> By: Brian Cav http://www.massrealestatelawblog.com/new-stricter-fha-condominium-lending-regulations-and-guidelines-sure-to-chill/comment-page-1/#comment-1467 Brian Cav Mon, 28 Dec 2009 14:53:16 +0000 http://www.massrealestatelawblog.com/?p=697#comment-1467 Rich- Excellent post, this is information that every potential Homeowner needs to know before they put a home underagreement. Working with a Attorney and Lender that understand these updated guidlines is just as important as working with a Real Estate Agent that is a subject matter expert in your town or city Rich- Excellent post, this is information that every potential Homeowner needs to know before they put a home underagreement. Working with a Attorney and Lender that understand these updated guidlines is just as important as working with a Real Estate Agent that is a subject matter expert in your town or city

]]> By: FHA Condominium Lending Rules Go Into Effect Today: Today's Hurt Is Tomorrow's Gain | The Massachusetts Real Estate Law Blog http://www.massrealestatelawblog.com/new-stricter-fha-condominium-lending-regulations-and-guidelines-sure-to-chill/comment-page-1/#comment-1364 FHA Condominium Lending Rules Go Into Effect Today: Today's Hurt Is Tomorrow's Gain | The Massachusetts Real Estate Law Blog Mon, 07 Dec 2009 22:59:45 +0000 http://www.massrealestatelawblog.com/?p=697#comment-1364 [...] the new rules as a “debacle.” But the FHA already watered down the new rules from those previously proposed, so builders could be dealing with far worse. On the whole, I think the rules are fair, balanced, [...] [...] the new rules as a “debacle.” But the FHA already watered down the new rules from those previously proposed, so builders could be dealing with far worse. On the whole, I think the rules are fair, balanced, [...]

]]> By: clint lambert http://www.massrealestatelawblog.com/new-stricter-fha-condominium-lending-regulations-and-guidelines-sure-to-chill/comment-page-1/#comment-1253 clint lambert Thu, 19 Nov 2009 23:50:38 +0000 http://www.massrealestatelawblog.com/?p=697#comment-1253 Thanks for the post. Currently I have put in an offer for a condo that was accepted and we are mortgaging through the traditional non-FHA methods, however, I was recently told that we will have to delay the closing date by 2 months because the project is awaiting FHA approval. I have done some research yet cannot find any literature that supports delays on closing dates for non-FHA buyers. We now have to look at finding short term rental which will cost us. Does anyone know of any guidelines, regulations or literature that supports delays to closing dates for non-FHA buyers? Thanks for the post. Currently I have put in an offer for a condo that was accepted and we are mortgaging through the traditional non-FHA methods, however, I was recently told that we will have to delay the closing date by 2 months because the project is awaiting FHA approval.

I have done some research yet cannot find any literature that supports delays on closing dates for non-FHA buyers. We now have to look at finding short term rental which will cost us.

Does anyone know of any guidelines, regulations or literature that supports delays to closing dates for non-FHA buyers?

]]> By: New FHA Condominium Regulations Delayed (Again) to December 7, 2009 | The Massachusetts Real Estate Law Blog http://www.massrealestatelawblog.com/new-stricter-fha-condominium-lending-regulations-and-guidelines-sure-to-chill/comment-page-1/#comment-974 New FHA Condominium Regulations Delayed (Again) to December 7, 2009 | The Massachusetts Real Estate Law Blog Tue, 27 Oct 2009 03:29:50 +0000 http://www.massrealestatelawblog.com/?p=697#comment-974 [...] my prior post for a comprehensive review of the [...] [...] my prior post for a comprehensive review of the [...]

]]> By: Ronny http://www.massrealestatelawblog.com/new-stricter-fha-condominium-lending-regulations-and-guidelines-sure-to-chill/comment-page-1/#comment-833 Ronny Sun, 11 Oct 2009 13:16:05 +0000 http://www.massrealestatelawblog.com/?p=697#comment-833 It figures, more obstacles for decent families to overcome. Some families out there like my own are decent and hardworking families who are first time buyers and feel since they have been paying taxes all their life they can get some assistance from the government. But again as usual the "little guy" gets hurt. Now with this guide line not only are we limited to what to look for but since some condos are reasonably lower than private homes we have to wait longer, DAMMIT. No matter what, the average family just can't win. It figures, more obstacles for decent families to overcome. Some families out there like my own are decent and hardworking families who are first time buyers and feel since they have been paying taxes all their life they can get some assistance from the government. But again as usual the “little guy” gets hurt. Now with this guide line not only are we limited to what to look for but since some condos are reasonably lower than private homes we have to wait longer, DAMMIT. No matter what, the average family just can’t win.

]]> By: Attorney Paul Begemann http://www.massrealestatelawblog.com/new-stricter-fha-condominium-lending-regulations-and-guidelines-sure-to-chill/comment-page-1/#comment-812 Attorney Paul Begemann Thu, 08 Oct 2009 12:42:57 +0000 http://www.massrealestatelawblog.com/?p=697#comment-812 Thanks for this informative post. Hopefully the FHA will make some changes in this process priuor to November 2. Over time, as more complexes get approved, these changes may be a good thing, since the spot approvals were limited and did not help future borrowers in that complex. Also, I think the rental percentage has been reduced. I think the reserve requirements may a serious obstacle for some small complexes. I took the liberty of linking to your post in my blog http://activerain.com/blogsview/1274994/fha-major-condo-approval-change- Thanks for this informative post. Hopefully the FHA will make some changes in this process priuor to November 2. Over time, as more complexes get approved, these changes may be a good thing, since the spot approvals were limited and did not help future borrowers in that complex. Also, I think the rental percentage has been reduced. I think the reserve requirements may a serious obstacle for some small complexes. I took the liberty of linking to your post in my blog http://activerain.com/blogsview/1274994/fha-major-condo-approval-change-

]]> By: Community Associations Institute Weighs In Against New FHA and Fannie Mae Condominium Regulations | The Massachusetts Real Estate Law Blog http://www.massrealestatelawblog.com/new-stricter-fha-condominium-lending-regulations-and-guidelines-sure-to-chill/comment-page-1/#comment-798 Community Associations Institute Weighs In Against New FHA and Fannie Mae Condominium Regulations | The Massachusetts Real Estate Law Blog Tue, 06 Oct 2009 18:55:08 +0000 http://www.massrealestatelawblog.com/?p=697#comment-798 [...] a follow up to my post on the new FHA condominium regulations, I received word from my friend Seth Wills at XLT Property [...] [...] a follow up to my post on the new FHA condominium regulations, I received word from my friend Seth Wills at XLT Property [...]

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