By admin, on January 25th, 2011 Requirements for FHA loans for CONDOS tighten- Murrieta/ Temecula Real Estate
After taking client out to look at Murrieta and Temecula homes for sale we stumbled upon some facts that were not well known. Most of us did not know it but as of February 2010 condominium and townhomes that are purchased with an FHA loan may be harder to get than you think. In Murrieta and Temecula real estate there are several beautiful condominium complexes such as Willow Haven, Arboretum, Madison Park, etc and sales in these neighborhoods more than likely be easier to get if you are an investor or can qualify for a conventional loan. Now condominium and townhome developments must have FHA approval in order for an FHA loan (purchase or refinance) to be possible, a spot approval for individual units is no longer permitted. If it was not already touch enough as of January 1, 2011 it just got tougher! Now developments must meet additional eligibility requirements at the time of underwriting an FHA loan including:
- No more than 25% of the property’s floor area in a project can be for commercial purposes
- No more than 10% of the units may be owned by one investor
- No more than 15% of the total units can be in arrears ( more than 30 days past due) of their condominium association fees
- At least 50% of the total units must be sold prior to endorsement of the mortgage in the case of construction
- At least 50 % of the units must be owner-occupied or sold to owners who intend to occupy the units
- FHA will not ensure more than 50% of a particular condo complex
When hearing news like this it may seem like the guidelines to buy a house keep getting stricter and stricter but if you have income and truly can afford the house you should not have a problem. There are many Murrieta and Temecula valley real estate agents that are highly qualified to assist in making sure the real estate process goes smoothly. This is the lowest we have seen houses in a long time do not let things like this discourage you just get the right real estate and mortgage person in your corner so that you can make the best decisions as possible. Murrieta and Temecula real estate is booming and is sure to go up eventually any investment should be a great one!
Happy home buying
By admin, on September 24th, 2010  You cannot go many places and find a quiet, peaceful, and well kept neighborhood and find a house under $150,000 in the Temecula Valley except here! This REO is priced to sell. It has an extremely open floor plan that is great for entertaining. The backyard seems to be the perfect size to put in your custom built pool. Great one story home in Menifee.
Price: $148,000
Price per sq. foot: $81.59
Bed/Bath: 2/2
Sq. feet: 1,814
Status: REO
By admin, on September 23rd, 2010  STANDARD SALE-This home is perfect throughout. The neutral colors in the carpet, tile, walls, and rooms makes the home feel warm and peaceful. This is the home you would want to come to after a longs days work. The fireplace in the living room is positioned in the perfect place to have a good snuggle. You will not find anything wrong with this house. It is in emaculate condition and ready for you to move into. This will be a steal of a deal for the owners who get it.
Price: $259,000
Price per sq. foot: $99.81
Bed/ Bath: 4/3.5
Sq. feet: 2,604
Status: STANDARD
By admin, on September 22nd, 2010  This house has too many upgrades to even mention. The kitchen is just a sneak peak of what the house is like. Your getting a mansion for a middle income budget. If the guys are over every weekend during football season then this is the house for you. The island BBQ in the back will keep them coming back week after week. They’ll love it so much they’ll even bring their own beers…
Price: $299,950
Price per sq. foot: $113.96
Bed/Bath : 4/3
Sq. feet : 2,632
Status: Short sale
By admin, on September 21st, 2010  I do not know what it is about dark wood and stainless steel appliances but I love it. This house has dark wood everywhere from the kitchen cabinets to the banister rails to the storage cabinets. Absolutely gorgeous. It has a cozy retreat area in the master bedroom along with dual sinks. This is definately a keeper!
Price: $329,000
Price per sq. foot: $89.69
Bed/Bath: 5/4
Sq. feet: 3,668
Status: Standard sale
By admin, on September 20th, 2010 
STANDARD SALE- The open floor plan from the front door to the kitchen would make mom’s life a lot easier being able to see everything going on. With plenty of cabinet space and a beautiful big island all the girlfriend will be jealous. The master bathroom has a custom built bathtub with tile up the walls. Dual sinks in the spacious bathroom allows plenty of room for both of you to get ready at the same time. As you walk through the house it just feels like home.
Price: $265,000
Price per sq. foot: $105.62
Bed/Bath: 5/3
Sq. feet: 2,509
Status: STANDARD SALE
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