SAN MATEO, CA, October 26, 2009
/24-7PressRelease/ -- The RayChel Realty Group announced today that they will be hosting a seminar to educate San Mateo County home buyers about the steps to buying condominiums which will include an update on the new condominium financing rules imposed by Fannie Mae and FHA that will go into effect in November.
"With the new financing guidelines imposed by Fannie Mae and FHA, it is going to be much more difficult to obtain new purchase money loans on all San Mateo County condominium complexes," says Raymond Stoklosa, owner and Managing Broker of The RayChel Realty Group and seminar co-host. "Challenging new rules will particularly hurt 'sick' HOA's who are mismanaged, under funded, guilty of careless bookkeeping, or inadequately insured. These tighter guidelines could also lead to a drop in San Mateo County condominium prices because fewer complexes will qualify for Fannie Mae and FHA financing as scrutiny intensifies."
"It will be more important than ever to get your Mortgage Advisor involved early in the home buying process," says Chris Williamson, a Mortgage Advisor with Mortgage California in San Mateo and seminar co-host, "Underwriters will now be required to take a more critical look at the health of the Homeowner's Association, including replacement reserves for capital expenditures and deferred maintenance. In addition, adequate insurance is a must, no more than 15% of homeowner dues can be deliquent by more than one month and at least 70% of the units must be owner occupied. These stricter guidelines may make loan approval on condominium complexes in less than 21 days difficult. Buyers must be pre-approved before writing an offer as the financing contingency period needs to be focused on approving the complex."
The seminar will focus on what questions buyers should ask of the Homeowner's Association, what buyers need to do to prepare for these stricter guidelines from Fannie Mae and FHA and how buyers can protect themselves and their investment.
Topics will include:
The critical questions you need answered before buying a condo
Pros and cons of buying a condo in San Mateo County
What buyers need to do to prepare for stricter guidelines from Fannie Mae and FHA
How to finance a condominium in today's lending market
The seminar will take place on Tuesday, November 3rd from 7pm to 9pm 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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