Speak with your Realtor and/or loan officer and talk to them to find out which condos in your preferred purchase area are on the FHA approval list.

The following types of condominium developments are ineligible for FHA financing: 

A.  Condominium Hotel or “Condotels”

B.  Timeshares or segmented ownership projects

C.  Houseboat projects

D.  Multi-dwelling unit condominiums (more than one dwelling per condominium unit)

E.  All projects not deemed to be used primarily as residential.

To be an APPROVED Condominium Project the following requirements are needed: 

1.  Projects must consist of two or more units.

 2.  Projects must be covered by hazard and liability insurance and if need be, flood and fidelity insurance. 

3.  The Right of First Refusal is ok UNLESS it violates the Fair Housing Act regulation.

4.  No more than 25 % of the property’s total floor area can be of commercial use.

5.  No more than 10% of the units may be owned by one investor.  Condominium projects that have ten or less units can not have any single entity owning more than one unit with the project.

6.  No more than 15% of the units can be more than 30 days past due on their HOA dues.

7.  At least 50% of the total units must be sold.

In my next blog post I will go over how a condominium project MAY be approved if the developement is not currently on the FHA approval list.

In order for a Short Sale to be accepted by the bank the borrower must prove a financial hardship. Here are a few examples of financial hardship:

1. Loss of job
2. Business failure
3. Death of a spouse
4. Death of family members
5. Divorce
6. Medical Bills
7. Payment increase or mortgage adjustment
8. Reduced income

Call or email me for a free and confidential consultation. I may be able to help you save your credit.
kujcich@ sc.rr.com
803.260.1372

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I want to share with you one of my great new listings!  This is a sweet Lexington Bungalow located in the Lexington Hills Subdivision convenient to schools, restaurants, and new shopping center.  Hurray because you don’t have much time left to take advantage of the Home Buyers Tax Credit.  You are going to LOVE this home featuring 3 bedrooms, 2 full baths, large, bright and cheery kitchen, great room with vaulted ceilings, Master Bedroom with private bath and walk in closet, and more!  Great price…$109,500.

I will be hosting an Open House tomorrow, Sunday, February 28, 2010 at one of my great listings.  The home is located at 257 Double Eagle Circle in the Lexington Hills Subdivision.  (Directions to follow).  Please come and see this great home.  It is in an awesome location, close to restaurants, schools, and new shopping center.  This adorable Lexington bungalow features 3 bedrooms and 2 full baths.  You will LOVE the big, bright, and cheery kitchen, comfortable great room with vaulted ceilings, private master bedroom with walk in closet and private bath with garden tub.  The second bathroom has a double vanity and shower/tub combo.  Time is running out on the tax credit so hurry!  This is a sweet deal…priced to sell at $109,500.

DIRECTIONS:  From Lexington take HWY 6 towards Red Bank go past Platt Springs Road and turn Right into Lexington Hills Subdvision, then turn Left on Double Eagle Circle. 

I am looking forward to seeing you there!