July 20, 2011
Florida Real Estate
FHA Releases New, Unexciting Condo Guidlines
As anticipated, the FHA released new condo guidelines with very few changes. The temporary rules were made permanent. These temporary rules included allowing 50% owner occupancy, and down to 30% (pre-sale) for new construction. NAR had asked for no owner occupancy requirements. One of the biggest changes included how calculations are made for delinquent HOA dues. Previously, an HOA would be considered in arrears if it had more than 15% delinquency in owners, not including REO properties. The new rules say an HOA is in arrears if there is more than 15% delinquency including REO properties.
NAR and the local mountain boards are disappointed that the FHA has not chosen to further loosen the guidelines for condo lending. The mountain REALTOR associations continue to work with Senator Bennet and Congressman Polis on ways to get condo guidelines eased and lending moving again.
Summit Association of REALTORS Planning Some "FUN-RAISING"!
Look out, the Summit Association of REALTORS is planning some fun-raising! Look out for more details! We are ready for some fun, ARE YOU?
- For personalized service when buying Sarasota Florida real estate, call on Brian Ward, your Accredited Buyer Representative (ABR) for Bradenton and Sarasota Florida.