How do YOU spell Relief? CONDO relief, that is ...

By
Mortgage and Lending with www.genemundt.com NMLS #216987

 

How do YOU spell Relief?
CONDO relief, that is ...
 

 
 
 
     I'm probably dating myself just a bit when I say I remember the commercial included below well enough to deliberately go hunting for it on  YouTube.  (And I'm sure current Dallas/Tony Romo fans say, Roger Staubach who?)
 
 

 

 

           Back in the early 80's when this ad was running, RELIEF was spelled R-O-L-A-I-D-S ... but as of September 13th, 2012? I think it should be spelled ... F-H-A ... Condominium Projects Revisions!

 
   Yes ...finally... FHA has revised its rules on  Condominium   Projects, for the better.  Some of the highlights include:
 
 
  •     Remember when no more than  15%  of Unit Owners could be  30  days late on their Homeowners Association Dues Payments? Now  HUD  has relaxed that requirement to  60 days late.
  •    Investors may now own up to  50% of the total units  in an existing building or project, as long as  50% or more of the Units have been sold to owner-occupants ... in other words, existing projects must have 50% owner-occupancy to be eligible.
  •     New Construction or Rehab Conversions within the last 12 months, require only  30%  owner-occupancy to be  FHA certified.
  •     Relaxed, clarified Insurance Requirements are now in play.
  •     A Greater Percentage of Commercial Space is now allowed within a building:  Increased  to as much as  35% with case-by-case exceptions up to  50%.

        And perhaps the biggest change is the following:
 
  •    Less imposing guidelines pertaining to penalties for Homeowners Associations and reporting requirements that ease the concern of volunteer officers  of Condominium Associations will now be in place.

 


        In other words, more Condominium Associations should be re-applying for FHA approval if their approval has expired ... and more Condo Associations should apply for approval, if they never have done so before.  
 
 
 
      The alternative?  Conventional Financing,  and the Guidelines attached to Don't be Stressed over your Mortgage Financing!  Contact Gene Mundt, Mortgage Lenderit.  Guidelines dictated by the  GSE   giants,  Fannie Mae   and  Freddie Mac. THOSE Guidelines remain firm and more restrictive than those offered by FHA.  Only the strong, best-positioned Condominium Projects can be financed with Conventional Financing ... a term known as "Warrantable", meaning approvable. 
 
 
      To me, the bottom-line is this ... It's not a perfect world for Condo Sellers, or their Agents.  But at least FHA has begun the process to help ease their pain and suffering. They're trying to provide some RELIEF.
 
 
      My suggestions for Buyers, Sellers, and Agents considering whether to take a Condo listing or presenting an offer for their Buyer? Moving forward, consider this ... 
 
 
     Choose ... or recommend working with a  Loan Officer   that knows the Condo Financing marketplace.  Your  decision regarding your Loan Officer could make the difference between a long, painful buying experience ... or a successful Closing.  As I have stated in prior posts, this is precisely where my years, knowledge, and expertise gained as a former Appraiser, definitively enhance my grasp and handling of Condominium financing and FHA Condominium Project approvals ... to the great benefit of my clients and Referral Partners.  The insight and information gained through my experience, makes my Buyer's, Referral Partners', and my Condo mortgage transactions a much easier, more successful, and fluid process.
 
     Within this challenging segment of the real estate market, no results are guaranteed.   But knowing ALL the options available to you is much better gained sooner ... than later.
 
      How do YOU spell Relief?  CONDO relief, that is ... as of September 13th, 2012 ... I  spell it ...  F-H-A Condominium Projects Revisions!
 
 
 
 
      * Thinking of buying a  Condominium  within  Will County   or elsewhere in the Chicagoland region?   Contact me  now!  I'll put my mortgage and appraising knowledge, expertise, and experience to work on YOUR behalf ... or your clients'.
      I can be reached through any of the following means:
Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281
Email:  genemundt
Skype:  630.219.1316
Mobile:  m.genemundt.com
 
 
      You're invited to find/follow me via your favorite social media also!
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Gene Mundt

Regional Manager - Mortgage Lender

American Portfolio Mortgage Corp.

                                                                    Personal NMLS #216987

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NMLS # 175656

 

Gene Mundt, Mortgage Lender, a Lender with 36 years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL.  Gene Mundt, Mortgage Lender can be contacted at: 

815.524.2280 or via his email: gmundt@goapmc.com.

Contact Gene Mundt, Mortgage Lender soon!

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
Topic:
Lending / Financial
Location:
Illinois Will County Joliet
Groups:
Advice for Buyers
Realtors®
Mortgages
Chicago Area Real Estate BUZZ!
Condo Specialists
Tags:
renters
investments
condo mortgages
buying condos
fha project revisions
condominiums
fha
fha condo financing

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Ambassador
612,389
Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Real Estate Pro

This is very good news for those who work with buyers and sellers of condos.  Thank goodness!

Sep 26, 2012 07:07 AM #1
Rainmaker
686,837
Gene Mundt
www.genemundt.com - Joliet, IL
Mortgage Lender - Chicago/Chicagoland Mortgages

Janna:  Definitely "thank goodness"!  This portion of the market was in desperate straights far too often.  This is some hope.  Thanks for commenting ...

Gene

Sep 26, 2012 08:47 AM #2
Rainmaker
1,965,163
Roy Kelley
Retired Real Estate Broker, Maryland Blogger - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Very good news for condo buyers and sellers.


Have an outstanding week and be sure to have your camera in hand to capture the special moments.


Sep 26, 2012 09:33 AM #3
Rainmaker
686,837
Gene Mundt
www.genemundt.com - Joliet, IL
Mortgage Lender - Chicago/Chicagoland Mortgages

Mr. Kelley ... thank you much!  For the comment ... and the great pic!  Will try to remember your great suggestion .. always ...

Gene

Sep 26, 2012 10:38 AM #4
Rainmaker
915,109
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

I sent out this information to all my Realtor referral partners. I'm taking two application as a result of the email, one tomorrow, the other on Monday. Certainly welcome news for buyers and sellers.

Sep 26, 2012 04:00 PM #5
Rainmaker
686,837
Gene Mundt
www.genemundt.com - Joliet, IL
Mortgage Lender - Chicago/Chicagoland Mortgages

Most definitely good news, Joe.  This is a segment of our market that so needed some good news too.  Congrats on the new business ...

Gene

Sep 26, 2012 06:20 PM #6
Ambassador
591,257
Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

O M G Gene, this is like the worst math word problem nightmare that students expect to wade through on their SATs.  I am so glad someone like you keeps up with this stuff.  We have very few condos here in our area but I'm sure this is going to be welcome information to those areas who are condo prolific.

Sep 27, 2012 05:12 AM #7
Ambassador
591,257
Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

Hey, it's me again...I couldn't resist my own fave for RELIEF... Plop...Plop...Fizz...Fizz

Sep 27, 2012 05:15 AM #8
Rainmaker
686,837
Gene Mundt
www.genemundt.com - Joliet, IL
Mortgage Lender - Chicago/Chicagoland Mortgages

No doubt about it, wading into a condo transaction demands patience, some math skills, and perhaps some water wings in the form of a great agent and lender at your side.  I can't tell you how satisfying it is to complete a condo purchase these days ... esp. if it entails FHA approval for the property to begin with.  There have been too many times in the past where help just wasn't possible.  THIS ... provides hope ... and also gets the condo market moving again ...  great great news!

And leave it to you to have a video for ME!  Thank you, Mona!

Gene

Sep 27, 2012 08:08 AM #9
Rainmaker
605,412
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

Condos or any associations can be headaches, and that is why you need a great loan officer AND a great Realtor or Broker.  Good job, Gene!

Sep 28, 2012 03:15 PM #10
Rainmaker
686,837
Gene Mundt
www.genemundt.com - Joliet, IL
Mortgage Lender - Chicago/Chicagoland Mortgages

Exactly, Don!  Choosing educated AND experienced condo experts that are knowledgeable in tackling these issues successfully makes all the difference.  Choose a great team of professionals and you ... and your chances for successful condo transactions and approvals ... multiply tremendously ...

Gene

Oct 01, 2012 11:46 AM #11
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Gene Mundt

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