Items Tagged with 'Condominium'

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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  • Miami developer betting that unrest in Turkey will boost condo development

    Bekir Okan hopes to get buy-in from Turkish investors
    Miami developer Bekir Okan is betting that unrest in Turkey will catalyze the construction of his Okan Tower in Miami. According to the Wall Street Journal, Okan hopes that wealthy Turkish investors will be extra eager to move capital out of the country in the wake of President Recep Tayyip Erdogan’s reelection.
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  • 174 Congress members pressure Carson to finalize FHA condo rules

    54 Senators and 120 House members are pushing Carson to finalize H.R. 3700
    Congress and industry players like NAR, teamed up to put pressure on Department of Housing and Urban Development Secretary Ben Carson to finalize the rules regarding condos and Federal Housing Administration loan approval. Fifty-four Senators and 120 house members sent a letter to HUD to hurry along the finalization of the rules in H.R. 3700.
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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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