Items Tagged with 'Condo'

ARTICLES

  • New Penn Financial rolls out non-agency loans for condos

    Allows larger portion of commercial space, fewer pre-sale requirements, more
    New Penn Financial is expanding on its financing options for condominiums. The lender announced this week that it is rolling out non-agency loans for condos. The new loan product, called SmartCondo, is the newest loan in the lender’s SMART Series, a collection of non-agency loans that provide a variety of options for “highly qualified borrowers.”
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  • Freddie Mac bringing appraisal-free mortgages to condos

    Expanding beyond single-family housing
    Freddie Mac is expanding its appraisal-free mortgage program to include condos, the government-sponsored enterprise announced this week. Up until now, the appraisal-free mortgages were only available for single-family houses, but now, Freddie is expanding its no-appraisal-required mortgages to include condos too.
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  • The struggle in locking condominiums in the mortgage industry

    When you have an investment residence condo, it's important to pay close attention before locking the loan
    Your loan application has been processed and the loan is ready for clear to close but then an underwriter points out that everything is clear except the condominium project. There is a high delinquency rate, specifically, 26% of the total unit owners in the project are 60 days or more late paying their HOA dues! What do you do next?
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  • FHA lowers owner-occupancy requirements for condos

    Changes part of Housing Opportunity through Modernization Act of 2016
    When President Obama signed the "Housing Opportunity Through Modernization Act of 2016" into law a few months ago, many celebrated because it changed the Federal Housing Administration’s rules for condominium financing, among other changes. Wednesday, the FHA delivered, lowering its owner-occupancy requirements on certain condo developments.
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  • NAR lends support to bill that would overhaul FHA condo restrictions

    Chris Polychron testifies before House Financial Services subcommittee
    The Federal Housing Administration's current restrictions on condominium financing present a significant hurdle for one of America's most affordable options, according to testimony given on Capitol Hill by Chris Polychron, the president of the National Association of Realtors.
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