News You Can Use

The housing marketing has certainly taken it on the chin this year; however, the condo market has had it even harder – several black eyes and maybe a sucker punch or two. Part of what made the condo market tough is how tight lending and mortgage insurance guidelines have become.  As Benjamin Franklin said “when the well is dry, we learn the worth of water” - folks, it’s about to rain changes for condo lending, so get ready.

Starting February 1^st the FHA condo changes may be just what this market needs.  ‘Spot approvals’ as we know them will go away and in its place will be a centralized list of approved HUD condo projects.  The FHA concentration within a project is increasing – from 10% to 50%, and in some cases up to 100%.  Presolds in new projects are being reduced to 30% as well. Many speculate that these changes will breathe new life into the condo market and I certainly agree.

Some of the condo questions I hear are buyers asking ‘what type of financing is available to me?’ and REALTORS asking ‘how can I best market this condo?’   If you’re considering purchasing or listing a condo, please review this handy checklistto get an overview of current condo guidelines and as always, ask any questions you have.

In this holiday shortened week there are seven economic reports that are likely to impact rates.  We should see the most movement on Tuesday and Wednesday.

Featured Loan Program

USDA

USDA has changed how it calculates the maximum income limits. What this means is that families who previously made too much to qualify for USDA now may! Cunningham & Company offers USDA loans to help low-income individuals or households purchase homes.

• 100% Financing with no Mortgage Insurance
• No Loan Limit
• Property and borrower’s income must meet program guidelines
• May be used for new or existing properties
• Areas in and around the Charlotte MSA are eligible

Have you heard?

Have you heard that Charlotte’s culinary extravaganza – aka Charlotte Restaurant Week – will be back in January?  Rumor has it that Charlotte’s best restaurants will offer the signature 3-course, $30/person prix fixe dinner January 22nd – 31st. Website with details including list of restaurants goes live New Years Day. Bon appetit!

Enjoy this info? Would you like to receive Monday Money Matters in your inbox? Subscribe here!