FHA recently announced additional resources for condominium approval process for San Jose and rest of the country condos.
All condominium inquiries, telephone and email, must be submitted to the FHA Resource Center at:(800) 225-5342 or by email at: info@fhaoutreach.com The FHA Resource Center will provide responses to general inquiries received from consumers and industry partners.
Before contacting the FHA Resource Center, it is recommended that you use the following resources to search for answer(s) to your question(s).
1. Check to see if your question is already included in the Condo FAQs currently posted on the web at: http://www.hud.gov/offices/hsg/sfh/condo/faqs_condo.pdf.
2. To determine if a project is on the FHA Approved List or to obtain the FHA concentration please visit https://entp.hud.gov/idapp/html/condlook.cfm and input the condominium project name or the Condo ID. It is recommended that only the first few letters be entered to return a complete list. If the project is not listed it will require FHA approval.
3. What is the process for obtaining project approval? For documentation and processing requirements, please refer to ML 2009-46B and ML 2009-46A, which can be found at the following web site: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/index.cfm.
4. Requests and packages for HRAP processing must be submitted to the jurisdictional Homeownership Center. A Directory of FHA’s Homeownership Centers and the States they serve can be found at: http://www.hud.gov/offices/hsg/sfh/hoc/hsghocs.cfm.
If you are planning to buy a Condominium in San Jose, contact me so that I can guide you in choosing a suitable financing option.
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Have you found that “almost perfect” San Jose home in the right location that is selling at a reduced price because it needs a little rehab work?
Unfortunately, most mortgage loan programs require homes “in need of work” to be complete before the financing can be secured for the purchase transaction. Whether the property needs a little or a lot of work, most First-Time Home Buyers simply don’t have the up-front cash to invest in a property prior to actually securing the financing.
However, the FHA 203(k) Rehab Loan may be your answer to turning that “fixer-upper” into your dream home.
The FHA 203(k) Rehab Loan is a popular mortgage program designed for buyers that want to finance the cost of home improvements into a new loan.
The financing for this loan will include the purchase price, as well as the improvements you are either required to do to be able to live in the home, or that you want to do, such as upgrade the kitchen, bathroom, etc.
This is also a great loan program for San Jose Real Estate Agents trying to sell homes that need repair. Buyers will have an option to complete those repairs and upgrades without a large upfront financial commitment. Think of this as a one-time close construction loan. At closing, the seller receives their money and the rest is put into an escrow account for the buyer to use for rehabbing the property.
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Last week mortgage rates for San Jose homes eased back to the lowest level of the year. According to Freddie Mac’s Primary Mortgage Market Survey® 30-year fixed-rate mortgage (FRM) averaged 4.84 percent with an average 0.7 point for the week ending May 20, 2010, down from last week when it averaged 4.93 percent.
The 5-year adjustable-rate mortgage (ARM) averaged 3.91 percent this week, with an average 0.6 point, down from last week when it averaged 3.95 percent. This breaks last week’s record and, again, the 5-year ARM has not been lower since Freddie Mac started tracking the 5-year ARM in January of 2005.
So what’s keeping the mortgage rates so low?
After Fed stopped buying mortgage backed securities in March 2010, economists and market experts had predicted the interest rates to rise. That did happen for a short while. But recently, the rates have taken a big dive and have broken all kinds of records. The biggest reason being attributed to this is the debt crisis in Europe.
Last week interest rates fell again on a 426 point decline in the Dow Jones Index. Weekly jobless claims unexpectedly jumped 25K last week to a two month high of 471K new unemployment claims. What was the strong belief the economic recovery was solid has now been redefined as a potential double dip with the economy slipping on Europe’s debt problems headlined by Greece. For two months after a strong run up in the equity markets most were expecting a correction in the stock market but didn’t believe it would be this bad. Money running headlong to the safety of US treasuries and has allowed mortgage rates to fall to some of the lowest levels since the 2008 sub-prime crash.
Outlook for the week:
Normally Treasury auctions add pressure to the bond market but the conditions these days are more about safety than concerns over demand. That said, with interest rates so low now it will bring the question that may be mortgage backed securities are at “overbought” levels and that investors may start selling it to book some profit. That of course will result in higher mortgage rates. That argument however, may not hold as the investment world is all about safety these days as the uncertainty over economic expansion is increasing rapidly.
Keep watching this space for news on mortgage rates or follow me on Twitter for live updates on mortgage bonds and market.
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