Jun
23
2009
It’s been 13 years since the FHA changed its approval process for insured mortgage financing on individual condo units. But late last week the FHA transferred authority directly to the lenders who can now determine if a condominium project, after meeting FHA-HUD regulations, is eligible for the insured financing. If the building has not yet completed all the requirements, the lender can offer “spot approval,” financing that can be funded on a limited basis and which takes the burden off the buyer. Buyers can now put down a lowest-ever 3.5 percent on approved condo buildings –– incredible in the condo market of today, where even buyers with good credit ratings are having a hard time obtaining a loan. An extra bonus is Continue Reading »
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Jun
02
2009
From the National Association of Realtors’ (NAR) Pending Home Sales Index, and based on contracts signed in April, pending house sales are up 6.7% – the highest monthly jump in seven years. Between the first-time homebuyer’s tax credit and low mortgage rates, home sales are on the rise for the third straight month, and up nearly 3.2% since a year ago.
Because of the date limitations of the tax credit (December 1, 2009), the NAR expects a flurry of buying activity over the next six months, both by first-time buyers and, as a result, repeat buyers. Nationally, the present median price for a single-family home sits right about at $170,000. The Northeast saw the highest jump on pending sales (33%); The West (the third highest on the list) saw a 1.8% increase.
The 30-year fixed mortgage rate rose yesterday; April 28 saw the lowest level since 1998 (when the first records appeared).
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