Contact MargaretWhy Buying a Crofton Condo Just Got Harder
September 12th, 2009 Categories: Real Estate
FHA is changing their policies for financing condos and making it harder for condo buyers in Crofton, Odenton, and elsewhere.
Among the policy changes expected to take effect on October 1, 2009, are these two:
- 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. (Going forward, all projects will require recertification every two years.)
- The spot approval process for condominium projects is eliminated.
Getting projects back onto the approved list will be a long and slow process. And, until a project is approved, FHA financing will not be an option for selling or buying a condo.
Buy a condo in September, so your application will already be in progress when the new regulations take effect. That’s my best advice for any Crofton condo-buyer.
It’s a good idea to do so anyway, because there’s no guarantee the First-Time Buyer Tax Credit will be extended or expanded. The deadline for settlement is November 30 in order to get that $8000.
If you’re selling a condo, do it now and offer LOTS of incentives because any condo unsold October 1 will become MUCH harder to sell.
For more information about changes to FHA Condo financing, contact Chris Washburn at MetLife Home Loans (301–289–3135 or cwashburn@metlife.com).
Search for homes now, and beat the FHA policy changes. If any of them catch your eye, be sure to contact me so I can get you inside to inspect the interior of the home.
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Providing community and real estate information about the Greater Crofton Area is my way of attracting new D.C.-Baltimore area home buyers to our community while also keeping my neighbors informed and earning their real estate business. Please click on Margaret Woda, Crofton REALTOR or call/text me at 301-346-2923 for help with your next home sale or purchase in the Greater Crofton Area.
