“Yes, there are Options”
Hi
Joe - Hope all is well. I am involved in a closing (representing the
seller) who was just informed by her condominium association that it let
its FHA status expire (I have no idea how that works, but I'm looking
into it). Her buyers were approved for an FHA loan. Are there any
similar loans out there that the buyers might qualify for? If so, I
will send them to you ASAP.
Hopefully
some of the regulations that were created as a result of Dodd-Frank
will change with the new incoming President. He talked about reducing
the restrictive regulations that have caused so much chaos in the
mortgage industry.
A conventional loan
can be done on most condominiums with 5% down. I proposed this solution
to the attorney. Hopefully the down payment can work for the client.
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