Rates Tad Worse; How to Get Entire Condo Projects Approved by FHA

30 Year Fixed Rate Loan at a Cost of One Point: 4.375%*

Rates remain low b/c the economy remains weak. Many analysts consider them likely to stay low in the near future, as economic troubles continue to mount in both the US and Europe. The only thing that will spike rates in the near term are unexpected reports of strength in the economy - improving private sector employment numbers; improved retail sales; increases in factory orders, etc. Unexpected inflation reports would also spike rates, but such reports are considered highly unlikely in this languid economic environment.

If a buyer in need of FHA financing wants to buy a condo in a complex that is NOT FHA approved, we can get the entire complex approved by HUD (FHA). We have done this several times over the years, so we know it is possible. But the complex needs to be strong overall, with minimal HOA dues delinquencies, strong capitalization, and at least a 51% Owner Occupancy ratio. Time frames to get an entire complex approved by HUD range from 21 days (for very strong complexes with clean and clear financials and HOA docs), to 60 days for more complicated situations.

Jay Voorhees and Heejin Kim at (925) 855-4491