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KAYE SWAINKAYE SWAIN

Kaye Swain Roseville REALTOR - Specializing in Over 55 Communities in Roseville CA Area

9167680127
KayeSwainRE@gmail.com
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2 Important Concerns When Buying a Condo

Thank you for sharing....

Condo news Roseville CA via Kaye Swain REALTOR
Thinking of buying a condo?

Are you toying with the idea of a condominium? Perhaps it seems like an easy way to buy your first home? One of my family members did that as house prices were rising. They were able to sell a year later with an excellent profit and buy a cute home in the mountains. Unfortunately, the market went down a year or so after that. The people who bought that condo probably had to stay put for the normal 7-10 years or maybe longer before they saw any real equity.

Or maybe, like my parents once upon a time, you have an empty nest. You're ready to downsize and would like less home maintenance. That is one nice thing about condos. All of the outside is maintained by the homeowner's association! Very nice. Although, don't forget, you pay for that through your HOA fees. And there is no guarantee that HOA fees won't go up. If a crisis erupts with something expensive like the pool, irrigation, etc., they could conceivably go up quite a bit.

Need an FHA Loan?

A really big question any condo home hunter needs to start with, though, is what type of loan will you need? And if you're thinking FHA, there's an even bigger question. Is the condominium(s) approved for an FHA loan? What? What does that mean?

It turns out that, at this point in time, condominiums must be approved by FHA for anyone to buy a condo with an FHA loan. You can find out if a condo in your area has been approved by going to the HUD site for condo approval.  Only a small percent of existing condos in the United States are approved. I've worked with a couple of clients this past year, trying to help them find a condo they liked that was approved AND that had an available unit that would work for them. It was a long and often frustrating search for my real estate clients. Happily one did succeed. But not all do. At the moment I'm writing this, there are none approved in Roseville or Lincoln but a couple ARE approved in Rocklin, per the HUD website.

And yes! Home sellers are impacted by this as well. Having your condominium complex approved for FHA loans means more possible buyers for your condo. That can mean easier selling and maybe even a higher selling price!

Kaye Swain Roseville Real Estate Agent shares Condo approval vital FHA loan requirement

Reverse Mortgages and Condos

Home buyers who want to use FHA loans aren't the only ones impacted by this situation. Senior citizens who like their condos and want to stay there often look into reverse mortgages. But the most popular reverse mortgages, the HECM, are FHA. They, too, require the condo to be FHA approved or they won't qualify for this mortgage.

It may get easier in the next year or three. This past summer, 2016, President Obama signed into law H.R. 3700 which is designed to make the process much easier. That could help first time home buyers. The jury is still out on whether it will help reverse mortgage applicants. And not everyone thinks this is a good idea in the first place.

Condominiums

It will be interesting to follow this topic for the next few years to see what the actual results are. In the meantime, if you are interested in buying a condo, you do still have to ensure it is approved. Which means, you may still have a challenge finding a condo home you can buy. Give me a call at 916-768-0127 or email me at Kaye@KayeSwain.com. I'd be glad to help you work towards your real estate goals.

Kaye

P.S. Click here and sign up to get my free weekly emails where I share Roseville and Sacramento area updates, fun events, holiday happenings, real estate market info, and more.  KayeSwain.com/free-weekly-area-updates

 

Contents of this article...

    • Thinking of buying a condo?
    • Need an FHA Loan?
    • Reverse Mortgages and Condos
    • Condominiums
  • Kaye

Posted in: Real Estate Info Tagged: condos, FHA, home loans, reverse mortgage

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Kaye Swain REALTOR in Roseville CA real estate news and services including aging in place-multigenerational boomers and seniors old and vintage houses and first time home buyers

Hi and Welcome to KayeSwain.com.

Are you looking for homes for sale in Roseville CA and the surrounding area? I appreciate your stopping by and invite you to check out the various options available - from blog posts to inform you about this lovely Greater Sacramento Valley Area, to home searches you can set up - such as homes for sale Roseville, Lincoln, Rocklin, Granite Bay, Citrus Heights, Carmichael, Fair Oaks, etc, to fun real estate eye candy and more. And yes! This is true for residential neighborhoods, condo communities, and all of our lovely 55+ active senior retirement communities. If you have any questions about buying OR selling your home in Roseville or the surrounding Sacramento area, do give me a buzz at 916-768-0127 or email us at KayeSwainRE@gmail.com We're here to help you and your family with your real estate needs.

Kaye Swain Sun City Roseville Real Estate Agent

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Resources for Boomers and Seniors

  • Seniors First Resource Guide
  • John Palley,Attorney – Certified Specialist in Estate Planning, Trust and Probate Law – offers an excellent and free book you can download as a pdf – “How to Live & Die With California Probate.” (Scroll to the bottom of his page and click the photo of the book)

 

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Kaye Swain Roseville Real Estate Agent, 916-768-0127, KayeSwainRE@gmail.com, CalBRE#01966207, with Keller Williams Realty, 548 Gibson Drive, Suite 200, Roseville CA 95678, (Each office is independently owned and operated)

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