In you or a friend lives in a Condo, say like one of these types
Or any other style of Condo.
There are CHANGES COMING!!!
FHA, one of the major mortgage types, has issued new regulations requiring all Condos to be re-authorized/approve every two years. Announced early in 2010, it's impact will be felt in every market of the country.
For example, as of today over 100 condo neighborhoods are approved in Chesapeake, VA. After Dec 7th, only 9 will be approved for FHA Loans.
You would believe your condo association would handle this to ensure your Condo(if you live in one) can sell to a buyer that can get a mortgage for it!!!!! But DO NOT COUNT ON IT!!!
NOTE: SAME IMPACT IF YOU WANT TO BUY!!!
Go today to your condo association and ask them if they have started the re-authorization process with FHA or an FHA Approved Lender. It is a great topic for the next Condo meeting!!!
Don't shoot the messenger...we can resolve this!!!!