A couple of important industry updates you should know about!
1.) INTEREST RATES
Due to volatility in the market, mortgage interest rates are up again, a 1/2 point in the past 10 days!
According to HUD National Homeownership Center reference guide, FHA has announced the extension of most condominium project approvals previously scheduled to expire on December 7, 2010. The condominium look-up page - HERE - now reflects the extended expiration dates.
You should be aware however, that FHA approval is just one determination in the process of approving a mortgage for condominiums. The largest stumbling blocks right now seem to be capital reserves and certifications. Many condominium associations do not have adequate funds in reserve, and the certifications must be complete and ACCURATE!
