SAN MATEO, CA, January 11, 2010
/24-7PressRelease/ -- The RayChel Realty Group announced today they will be hosting their Guide to Buying Condos for Buyers in San Mateo County.
The Department of Housing and Urban Development's (HUD) new underwriting rules will eliminate spot approvals on condos during the financing approval process. The entire condominium complex must be approved by HUD for an individual unit to be approved for financing by any lender which will require a longer financing contingency and an in depth examination of the health of the complex's Homeowner's Association.
"Gone are the days where buyers can get offers accepted on a condominium and then shop for a loan," says Raymond Stoklosa, Co-Owner and Managing Broker of The RayChel Realty Group in San Mateo and class co-host. "Buyers must be pre-approved for a loan by a Mortgage Advisor who knows the ins and outs of condo financing before shopping for a condo. The financing contingency period needs to be devoted to approving the complex, not the borrower."
"Borrowers must get their Mortgage Advisor involved early in the process, even before making an offer," says Chris Williamson, a Mortgage Advisor with Mortgage California in San Mateo and class co-host. "Shop for a Mortgage Advisor who is familiar with the new condo financing rules and what a lender is looking for in order to have the best chances possible of closing your transaction."
The class will focus on understanding the nuances of the guidelines, give condo buyers a roadmap for closing your transaction and getting a great deal.
Topics will include:
• What the new guidelines for HUD and FHA approval are
• How to evaluate the health of a HOA
• How to spot problems and red flags in your condo purchase
• Where to find condos that meet the new guidelines
The class will take place on Thursday, January 21st 7pm at 1700 S. El Camino Real, San Mateo. Registration is free, but space is limited so sign ups are required. To sign up, please visit http://budurl.com/CondoClass or call (650) 655-2500.
About The RayChel Realty Group
The RayChel Realty Group has been coaching clients through smooth real estate transactions by providing unparalleled expertise, superior guidance and sound advice for over 30 years. For more information, please contact us at (650) 655-2500.
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