This video was recorded in September 2009. The FHA condo restrictions proposed during this time are the following: – Used primarily as residential real estate – FHA insurance will be unavailable based on its vicinity to certain elements – Property can’t be within 3000 feet of a dump, landfill, or super-fund site. – 25 percent of the propertys total floor area cannot be used for commercial purposes. – No more than 10 percent of the units may not be owned by one investor. – No more than 15 percent of the total units can be in arrears (more than 30 days past due) of their condominium association fee payment. – For new developments, at least 50 percent of the total units must be sold prior to endorsement of any mortgage on a unit. – At least 50 percent of the units of a project must be owner-occupied or sold to owners who intend to occupy the units. – Projects can’t be in a designated wetland and/or flood zones – All current condominium project approvals will be invalid (with the exception of projects approved on or after October 1, 2008) and projects must be re-approved under the new options available. — Jay-Jay Tolentino Realtor®, Residential/Commercial Consultant Keller Williams Realty cell: 512-669-9000 voice mail: 512-637-8448 fax: 512-346-9634 e-mail: tolentino@kw.com website: www.jjtolentino.com
www.MortgageHelpLosAngeles.com. Before sub-prime mortgages, where consumers interested in getting reasonable interest rates on loans with small down payments, marginal credit scores, and high payment to income ratios were able to get funding, there was the FHA. The FHA was set up to help those with more difficult loans get insurance for the payments, so that lenders would be willing to fund the loans. Bill Rayman is a very successful Los Angeles Based Mortgage Broker who can help you find the perfect approach to maximizing your goals in home purchases, refinances, or investments in property. This video explains the details of FHA financing. To reach Bill Rayman, call him at 310-295-2900 ext 113. Visit his blog at www.mortgagelosangeles.blogspot.com
Video Rating: 4 / 5
