There are 4 blog entries for April 2009.
As of May 1, the Federal Housing Finance Agency has mandated that loan officers can’t select or pay appraisers. The Home Value Code of Conduct (HVCC), as it’s called, is intended to remove conflicts of interest some feel are inherent in the loan officer/appraiser relationship.
HOW APPRAISAL RULES AFFECT TRANSACTIONS
In the coming months, industry-wide HVCC implementation means appraisals and perhaps escrow periods may take longer. Instead of the current practice of a loan officer ordering directly…
One of the only condos that offers financing that does not consider student loans as debt is Severance Place Condominiums. The reason is they are FHA approved. That also means that you could put down 3.5% and finance the rest on one of these beautiful condos. Call me for details.
The condominium must meet the below criteria for Established/finished Projects:
- At least 90% of the total units have been sold and recorded, and
- Control of the HOA has been turned over to the unit owners, and
- The project or conversion is complete and not subject to additional phasing or annexation.
In addition to meeting the Established Project criteria, the condominium must meet the following eligibility requirements:
- The LTV/CLTV does not exceed 90% for Primary Residences and 75% for Second Homes.
- The Condominium Project can not exceed 7 stories.
- The project does not have common areas or…