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It might have. And it has nothing to do with your views, lower inventory or our wonderful warm weather. It has everything to do with a major new housing loan rule change.
Since 2009, obtaining a loan on a condo has been nearly impossible. In fact only 6 buildings out of 193 in Palm Beach County are approved by FHA. Most Buyers have rented or bought townhomes / single family homes instead of condos.
This new change allow Buyers to get a loan for condos for the first time in 10 years!
FHA Finance 3.5% down, with flexible credit guidelines, Max loan amount: $356,500
Conventional Finance 3%-5% down on primary, 10% down on secondary and 15% down on investment property. Max loan amount: $484,350
Jumbo Finance with 5% down, up to $2M
Echo Fine Properties has teamed up with the Ryan Brown Team CrossCountry Mortgage (approved for this process) and is ready to investigate if your condo and building qualify.
If so, expect to see a rise in prices with the profound increase in interested Buyers.
Whether you are thinking of selling, or just plain curious you can check your condo’s current resale value in a couple of clicks. This will give you an estimation of your condo’s current resale value. Visit EchoFineProperties.com/homeworth for more info.
For a more in depth analysis that includes a projection due to these loan rules changes we can offer a further and more accurate current value of your home. Feel free to contact Jeff at 561.500.ECHO or email Jeff@EchoFineProperties.com for a complimentary free analysis.
*Loan approvals based on borrower and building qualifications, all programs subject to change without notice.
Posted in Singer Island on November 11, 2019 at 12:42 pm.
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Echo Fine Properties, winner of Best Brokerage of the Palm Beaches in 2020, 2021 and 2022, is located in Palm Beach Gardens, Florida. We are a family-owned local brokerage that prides itself on having the finest full time luxury real estate agents who know the area backward and forward. Each agent is hand selected to join us for their knowledge of the area including golf club communities, gated communities, equestrian and ranch estates, condominiums, and waterfront and boating estates. Echo is unique in real estate in that our company pays for all marketing, advertising, and all support which is handled in-house. WE PAY, which lets the agent concentrate on our customers. Unlike other firms, agents never have to compromise the marketing budget. Our Home ECHOnomics Guarantee offers an unheard of 57-promises. This website consists of 5 separate MLS feeds, giving 100% accuracy ranging from Miami to Fort Lauderdale to Palm Beach to Martin County.
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