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Just when we think the housing market in Macomb County can’t take much more stringent lender guidelines there is a new curveball thrown in to the mix.

As of October 1st of this year those new potential home owners who are using an FHA mortgage will have to really do their homework if they are going to purchase a condo.

“Spot approvals” which used to be the way to obtain FHA financing on a previously unapproved condo complex is gone.  Now there are new guidelines in place in order to obtain FHA - HUD approval on condos which include:

• Restrictions to how close a condo can be to a major highway or military field.  (How many condo complexes back up to major roads in our area?  Are near Selfridge?)
• Restrictions on how many condos in a complex can be owned by one party. (If a builder still owns many in the complex, this could be an issue.)

These are just a couple of the changes to receiving HUD approval for a condominium complex that I am reading. (Click here for a link to the changes) I can already envision the first few months of this new change in FHA guidelines being months of confusion for mortgage lenders, buyers agents and potential condo buyers.  Until we are fully implanted within this guideline and have a few transactions go through the hoops we are all going to need patience and the guidance from our mortgage professionals prior to writing an offer on a condo.

Please talk to your mortgage lender and your buyers agent prior to looking at condos in Macomb County.  A bit of research by all of us involved will help to make the process smoother for you.

Kris Wales - A Macomb County MI real estate agent
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