SHAWN BAKER, REALTOR
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Why They Are Saying to Buy A Home Now

7/19/2011

 
Despite what appears to be a non-stop wave of tough news regarding real estate, four major media players have come out this month with the same advice: It Is Time to Buy a Home! Here are the four articles and a breakdown as to why the advice makes sense.

The Wall Street Journal: Why It’s Time to Buy

CBS Money Watch: Why the Time to Buy is Now

Forbes Magazine: 9 Reasons to Buy a House Now

National Public Radio: For Many, It’s Still a Good Time to Buy a Home

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FHA Loosens Condo Guidelines

7/8/2011

 
FHA will now allow financing on new condo projects (defined as less than 1 year since the 1st unit has sold) to have as little as 30% of the current units sold and owner occupied! This is reduced from the previous requirement of 51%. Detailed information below.

Owner-Occupancy Requirements

Project Status Requirement

Existing

At least 50 percent of the units of a project must be owner-occupied or sold to owners who intend to occupy the units Proposed, Under Construction or Existing < 12 months old FHA will allow a minimum owner-occupancy amount equal to 30 percent of declared units. One year after the first unit conveyance, the project requirement is at least 50 percent owner-occupancy of the declared units. The owner-occupancy percentage must be documented as follows: Copies of sales agreements and evidence (loan commitment) that a mortgagee is willing to make the loan*; or Evidence that units have closed and are occupied; or Information from a developer/builder that lists all of the units already sold, under contract, or closed (e.g. a spreadsheet, chart, or listing used for the company’s own tracking purposes) that is accompanied by a signed certification from the developer.

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Shawn Baker, Realtor
Comey & Shepherd City Office
sbaker@comey.com
Office  (513) 241-3400
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Shawn Baker - Agent with Comey & Shepherd Realtors
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All information contained herein is believed accurate but is NOT guaranteed. Last updated 1/28/2019
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