March 12, 2012: Recent changes to the FHA borrowing guidelines are going to make it even harder for buyers to qualify for loans. These rules don’t take effect until mid-April, so if you have been thinking of selling or buying a condo, keep reading.
There has been a lot of news – mostly bad – in regards to the Denver condo market. Even though it comprises a significant segment of the Denver homeownership population, condos have been taking a beating, both literally and figuratively, from banks, the FHA, careless tenants and appraisers.
What few people are talking about is that the condo market has some strong pockets in it – especially for well-qualified buyers. There are more than a few buildings in Denver that have strong HOAs, deep reserves and active boards, but may have not elected to get FHA approval in order to allow FHA buyers to own in that building. Or, because of the complicated and often confusing manner in which the FHA reset their expectations for qualification, these buildings either chose not to renew or didn’t know how.
Here’s a site that can help cut through the confusion: Denver Condo Help. A collective of experienced real estate agents in Denver have compiled lenders and condo resources that can help you sell your Denver, regardless if your building has FHA approval or not. Check it out!