****If you are involved in selling condos, be aware of this change***** It has recently come to light that if the condo has ANY leasing restrictions AT ALL…Even if Condo is FHA approved. It will not be eligible for FHA condo financing. This means that there may not be any restrictions contained in the condominium by-laws or legal documents concerning rental units and restrictions to the homeowner concerning how the unit may be leased. This includes, but is not limited to, restrictions against transient or hotel use, partial leases, etc. This is based on a recent opinion received from HUD’s attorneys.
If you are listing a condo, double check the leasing restrictions prior to listing. If it has leasing restrictions – note that condo can’t be financed FHA because of this ruling. Contact us for alternative financing options.
*****Jobs Report may affect interest rates*****
Reports are continuing to show improving trend in the labor market. It's not only encouraging in terms of the housing market, but it’s important to recognize that as jobs continue to be created and the economy expands, rates will move gradually higher over time.Rates: still at or below 5%, depending on program.
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