There will no longer be any FHA spot approvals of condominiums -- the association as a whole must meet the approval criteria. Some of the new FHA requirements include:
• At least 50 percent of the units must be owner-occupied
• No more than 15 percent of the units can be delinquent with monthly assessments.
• No person or entity can own more than 10 percent of the units (includes declarants renting out unsold units).
• No more than 25 percent of condominium floor area can be commercial space.
• Any right of first refusal in the bylaws cannot violate the Fair Housing Act.
• A full budget review must show that at least 10 percent of income is applied to reserves.
After a condominium association is FHA-certified, there are limits on the number of units that may have FHA-insured loans. Presently the limit is 50%, but for complexes certified or recertified after Jan. 1, it will be only 30%.
You can check to see whether a condo project is certified at
https://entp.hud.gov/idapp/html/condlook.cfm.
For more information visit
http://www.realtor.org/government_affairs/condo_policy_approval.
RASCW TEXAS HOLD'EM TOURNAMENT
Please help yourself to a sign-up sheet on any of the cork boards around the office, or see Sara at the Front Desk for a copy. frontdesk316@kw.com
OPEN HOUSES
A note from Jessica: YOU ARE SILLY AND / OR CRAZY if you aren't doing open houses right now...
See Pete's exciting news!
I held an open house last Sunday for a listing that is not new, not too flashy. Had a Craigslist ad. Ran into an unmet. We wrote on Monday and an A/O this morning. Four days! What are you doing this Sunday to grow your business. Plenty of agents looking for open house help. Take Wednesdays off and work Sundays! petem@kw.com
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