The FHA is getting ready to update its guidelines for borrowing on condos, townhomes and patio homes. Starting in February 2010, "FHA approved" will mean 3.5% down plus a financially stable association approved by your lender. This is huge and is a big reason for the associations who manage these communities to get their acts … [Read more...] about This Condo is FHA-Approved (Or Not…)
The Myth of Loan Pre-Qualification
Remember when you could call up a lender, tell them how much you make and how much you owe in car and credit card payments and they would tell you how much you qualify for? Well, those days are over... Today, I have the unpleasant task of cancelling a contract for one of my buyer clients because their loan fell through. This … [Read more...] about The Myth of Loan Pre-Qualification
When Should You Get A Home Inspection? Always!
A professional home inspector should be one of the first people you call when your offer to purchase a home has been accepted. A home inspector will go over your home with a fine tooth comb and provide a detailed report on the condition of the home. He will check the condition of your roof, your AC unit, your electrical and … [Read more...] about When Should You Get A Home Inspection? Always!