Michelle Jarboe of the PD did a great job covering some condo purchase issues with nice updates via comments from lenders and how they are treating mortgage requests on condominiums. Her article is here. Be sure to read through to First Fed of Lakewood and National City comments on what they will and will not lend money towards in a condo purchase.
There are changes coming this Fall which I will cover in more detail as the details are announced. Effectively, you will be able to get a HUD estimated closing cost settlement sheet 48 hours before you go in to close on your house. That has always been the rule but it’s been like pulling teeth to make that happen. Now, if you make a change to your contract (and buyer and seller agree ), three days are needed to make sure you get an updated HUD regarding closing costs. So if a change happens two days before closing, you will need an addendum to extend the closing.
We’ve also heard that FHA may be ending their policy of spot checking, or individual unit (condo) FHA loan for approval, which has been done when an entire building is not FHA approved. Supposedly, the building will have to be on the approved list or no loan. Again, waiting for details.
I will let you know more when I do. For now, hats off to Michelle Jarboe for the informative article.
Peace Out – 3C
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