David Clucas authored the article for the Boulder “Daily Camera”, Business Plus section, Cover Story, detailing the local condo real estate (Boulder, Colorado) with what may be the experience of the current and future condo market on a national level.
‘Low owner-occupancy ratios could hamper Boulder market financing.’ Key items in this January 2011 article:
- Tougher financing, starting 2nd quarter of 2011
- FHA requirements and condo ineligibility, % of owner occupied in complex, % of investors in complex, % current in complex on HOA fees, and the condo complex must be approved by FHA itself, or by a “direct endorsement lender”
- Conventional lenders have also tightened their requirements.
The article also interviews Portia Noel, a mortgage broker, and her thoughts regarding mortgages and condos. Bottom line, if you are contemplating purchasing, refinancing, or selling your condo, this article would be a must read.