The Department of Housing and Urban Development (HUD) announced effective December 7, 2009 all condominium complexes must be approved directly by HUD to be eligible for Fannie Mae or FHA financing.
What Does this Mean to San Mateo Buyers and Sellers?
Buyers and sellers are going to have to be patient and allow realistic time periods for lenders to complete the process of approving the complex. Sellers who live in complexes with “sick” Homeowner’s Associations (HOAs) may not sell their San Mateo condominium at all. Bottom line, this is series stuff!
Want to Find Out More?
Watch our latest edition of the 3 Minute Coaching Moment with Raymond Stoklosa, Managing Broker and Co-Owner of The RayChel Realty Group in San Mateo. In the following video, Raymond breaks down what these new rules mean to San Mateo County home buyers and sellers and explains what you can do if you are in the market to sell or buy a condo in San Mateo County in the near future.
Contemplating Purchasing a San Mateo Condo? Attend Our Next Home Buyer Education Program
We will present home buyer education programs helping consumers understand the new financing guidelines and how it will affect their upcoming purchase. To check our upcoming schedule, visit our Class Schedule page.
In these programs, Raymond and Chris will go over these new condo financing rules in detail and show you what you can do to prepare for these upcoming changes in lending. They’ll also tell you the critical questions you need answered before you purchase a condo in San Mateo County – and much more!
How Do I Sign Up?
To sign up for one of our upcoming programs, visit our Class Schedule page or call (650) 655-2500.
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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.