HUD Changes and the Effect on Condominiums

There are advantages of living in a condominium community.  The availability of FHA funding to purchase a condo is one of those advantages.  With the changes that HUD made last year the availability of that funding isn’t as easily obtainable for condo approval Los Angeles buyers.  There have been major changes and as a condo community you should know what those are and what you can do. 

Spot approvals were eliminated, that was one of the biggest changes.  Spot approvals previously allowed funding without the condo being HUD certified.   This opened the market to any buyer for condo approval Los Angeles or otherwise.  The funding was available.  The benefits of FHA financing were available to condo communities without being fully certified.  Financing for first time home buyers can be difficult.  Without being HUD certified a condo community could lose out on a lot of potential buyers.  As a community, certification must take place every two years. 

The Condo Approval Group has the experience to help you get certified.  We have worked directly with HUD to get loans approved through the FHA.  We can help make sure your group is certified and can take advantage of more potential condo approval Los Angeles home buyers. 

How will being FHA approved will benefit your condo community?  Today’s housing market is tough and you want to take advantage of every opportunity you can.  Don’t miss out.  Be available to the largest demographic of first time homebuyers and get your buyers the condo approval Los Angeles loan they want!
A mandatory recertification for HUD projects approved before October 2008 and recertification every two years was another big change.  If you were on the HUD list if you don’t recertify you could fall off the HUD approved list.  Recertify as soon as possible so avoid falling off the HUD list.  We can take care of the process from start to finish.  Let us help you get approved. 

What is an FHA loan?

The FHA isn’t a lender.  They don’t lend any money.  They insure loans made by reputable lenders.  The FHA can help people that wouldn’t otherwise be able to get the condo approval Los Angeles loan they needed.  The program was started in the 1930’s and provides many benefits to those that qualify for financing.  For first time home buyers that perhaps have little credit or don’t have a large amount for a down payment it can be a great service.  Home buyers can put as little as 3.5% of the purchase price down and there are also programs that can assist towards closing costs.

If the applicants need a co-signer the FHA will allow a blood-relative to co-sing without the requirement of them living in the home.  Those that qualify for this program make up most of the first time home buyers.  This assistance helps more people than ever make home ownership possible. 

Without being HUD certified those condo approval Los Angeles home buyers wouldn’t be able to purchase a home in your condo community.  Spot approval used to make that possible.  Now you will need to be certified. 

These changes were put into effect last year.  Have you made the necessary adjustments?  Without being HUD certified your condo community runs the risk of all sorts of problems; one of them being lower market values.  This affects everyone.  The current homeowners are affected, so are the potential buyers and the surrounding community.  In this tough market you should be doing everything you can to support the livelihood of your community.  There are a few changes you can make to help ensure you are attracting buyers and getting the condo approval Los Angeles market to go up.

Traditional loans have high expectations for home buyers.  Those without a large down payment or a high income may have a harder time getting approved for a traditional loan. The FHA wants to make home buying possible for everyone that has the desire. 
Don’t delay in getting certified.  We are here to help with the process. 

The easiest thing to do is start your certification or recertification process immediately.  The process becomes more difficult if you let your certification lapse.