updated: seems there’s been a reversal on FHA mortgages, as first mentioned by Marianne Washington of Wells Fargo Home Mortgage.
In an ongoing circus of head-scratching, it’s being reported across the state that many condo complexes are losing their Federal Housing Administration certification. This, on top of the already difficult lending environment applied to condos.
Recently, I was talking with someone regarding the oversupply of condominiums in the Blacksburg market, and I was asked what I thought it’d take for condos to begin selling again. I tried to be as honest as possible in my answer, saying that two things needed to happen in order for the condo market in Blacksburg to begin picking up again:
A couple of days ago, the news in the mortgage industry was the beat down Taylor, Bean & Whitaker was getting. Since that post, I’ve contacted a few past clients and friends who have used TBW to secure their mortgages, and everyone wants to know …
I’ve written a few times here on the blog now about the First Time Buyer Tax Credit, and one of the things that kept getting thrown about was whether the credit could be used as a downpayment. For the longest time, the answer was no, but recently that’s all changed – kind of.
A friend sent me the following email, and I had to post it. According to Snopes.com it’s a recycled bit of fun, but nevertheless I thought it appropriate given the subject … and because I can see it happening. Ah, bureaucracy … and lawyers.
I thought it was probably too good to be true.