Date/Time: Monday February 8th at 6:00pm
The Department of Housing and Urban Development announced effective December 7th 2009 stricter underwriting guidelines will be required to approve condominiums in San Mateo County. In order for FHA or Fannie Mae (two of the primary loans consumers choose) to approve the condominium for financing, the entire complex will have to be approved by HUD. Currently, condominiums can be approved on a one by one basis. In a few weeks, the health of the entire complex will be highly scrutinized before Fannie Mae or FHA will lend.
What Does this Mean to San Mateo County Home Buyers?
- It has just become much harder to finance a condominium in San Mateo County
- Longer time periods required for complex approval – may not be realistic to close in 30 days
- You must be pre-approved before you enter into a contract – find a loan first, then find a home
- New rules are not flexible – if you need a loan, you’ll need to play by them
- Some complexes may not be approved – don’t waste your time or money chasing something that will never come to fruition
- The entire complex needs to be approved by HUD, not just your unit – no exceptions
- You need to work with condominium specialists to help guide you through the transaction – both on the real estate side and the financing side
Why Should You Care?
If you are considering purchasing a San Mateo County condominium in the next several months, your transaction will be impacted as these new rules are implemented. There are several things you can do to front load the approval process. By preparing early, you can minimize problems, minimize money spent and most importantly, not lose the condo you really want.
What Will You Learn During this Webinar?
- What are the new guidelines and how they will affect your San Mateo County condominium purchase
- What does it mean to be pre-approved before you enter into a contract
- What you can do to prepare for the stricter financing guidelines and increase the changes of getting the San Mateo County condo you really want
- How you can minimize out of pocket costs during the buying process
- How to determine which complexes will never be approved so you don’t waste your time chasing a fantasy
- Why it is more important than ever to work with Realtors® and Mortgage Advisors who are San Mateo County condominium experts
Registration Info
To register for this webinar, which will be held on Monday, February 8th at 6:00, please visit our webinar registration page or click the Sign Up button below.
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