Last week the Bond Market although shaken up it did not crash through the ceilings to throw us into a wave of action either…. The result is a rather unchanged market.
One of the bigger stories not talked about is FHA financing in Condo’s….at the end of Sept. they will be looking very close at the FHA concentration in any one Condo project.
So in the past we would be relieved to discover that a Project was FHA approved…no problem…but now they will be testing for FHA concentration…not even FHA wants too
big of the share of loans in any one project, So if your thinking of buying in an approved FHA condo….or should I say “lucky” enough to find one in So Fla…sign the deal and
close the loan before Sept 30th. Word to the Wise !
Financing in Miami Beach Condos continue to be a challenge…although the product guidelines still show the ability to lend the PMI companies will not insure so it’s 20% down and if the delinquencies
In the project exceed 15% forget it…Fannie and Freddie will not allow it. Some smart Condo Associations are discovering solutions like LMFunding that are buying condo fee delinquencies
and getting their books in line but many others are sitting there with their hands in the air wishing it were different. Give me a call to learn more about LMFunding.
FHA…….. 5.375%
Conv……. 5.25%
Jumbo…..30 yr fixed 6.75%
Jumbo 5/1 ARM…5%
Brian Scott
