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Category Archives: Condo Buyers

New Rules and Policies Open up Condo Market to More FHA Financing

Davidson Landing Waterfront Condos

Have you considered purchasing a condominium unit but were scared off when someone warned you that obtaining a mortgage loan could be difficult?  It seems like most real estate professionals have war stories about seemingly qualified buyers being unable to obtain financing to buy a residential condo unit.  There is good news for you, in the 4th quarter of 2019, the Federal Housing Agency (FHA) instituted new rules and policies to open up the residential condominium market to more FHA insured financing.

FHA is now permitting approval of individual residential condominium units in non-qualified condominium projects.  Previously the entire condominium project had to be approved in order for a buyer to obtain an FHA insured mortgage loan to buy a unit in the condominium project.  In practice, only the larger condominium projects were obtaining this condominium development-wide approval, leaving buyers unable to obtain FHA insured financing on the vast majority of the condominium projects.  While non-approved condominium projects have limits to the number of units which may have FHA insured financing, today even units in the smallest condominium projects may be eligible for FHA insured financing.

Additionally, FHA has loosened the eligibility requirements for mixed-use condominium projects; meaning condominium projects that include both residential and commercial units.  For us in the Pittsburgh market, we see the number of buildings Downtown, in the Strip District and East Liberty being built or converted into these mixed-use condominium projects.  The broadening of FHA eligibility for these type of projects is allowing those first time home-buyers and Millennials to obtain FHA insured financing to buy condominium units in areas and in projects where they want to live. Now is the time, don’t limit your wish list and settle for a property because FHA insured financing is not available.  FHA has heard the calls of the market and have taken good reasonable steps to assist you in financing your dream home, even if that “dream home” is a unit in a condominium.

Contact a Lake Norman real estate agent to get started on your Lake Norman condo search: 704-907-7907

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Tucker Arensberg, P.C. 2020 | Attorney Advertising

Condo Owners Home Security Tips

Home Safety Tips

Home Security Tips for Condo Owners

Condo owners safety tipsWhile being a condo owner or living in an apartment building may have certain security advantages over a traditional house, there are still several important home security tips that condo owners and renters should keep top of mind.

Weiser, manufacturers of innovative, high quality and secure door locksets, recommend simple, common sense security when it comes to keeping your condo and apartment safe—especially when traveling.

According to Steve Kolobaric from Weiser, just because you live in a condo or apartment buildings, doesn’t mean you shouldn’t take your security seriously.

Steve recommends the following tips for condo owners:

Be alert: It should go without saying but be mindful of others even when you’re inside your building. Pay attention when walking in stairwells, meet your neighbors and know the general layout of the building.

Deny entry: If the front entrance to your apartment or condo requires a key pass, don’t feel rude not holding the door open for someone behind you. Just think – if they’re a tenant, they should be happy that you’re not letting unknown people into the building.

Update locksets: Did you change your front door lockset when you moved in? Not only could the past owner still have copies of the key but so could his friends or your neighbors. Changing your lockset will take about 20 minutes and give you the peace of mind of knowing who has the key to your front door.

Lock up: It sounds simple but keep you doors locked at all times. The majority of burglars gain entry to a home through an unlocked door. Even if you’re just running to get your mail or down the street for a coffee, there’s no reason not to lock up. Don’t be tempted to “hide” a key outside of your unit either. There are less hiding spots than you think and burglars know where to look.

Lighten up: Alert your building supervisor about any burned out lights in the common areas, such as the lobby, parking garage or hallways. If you notice anything out of the ordinary such as open or broken windows, malfunctioning doors or door locks, or anything that could be a security concern, notify your building supervisor.

For more information, visit www.weiserlock.com/en/home.aspx.