Bellevue Condo Blog and Community Information

New FHA Approval Process & What it Means for Condo Buyers

Michael Kass — Tue, 23 Jun 2009 05:09:47 +0000

It’s been 13 years since the FHA changed its approval process for insured mortgage financing on individual condo units. But late last week the FHA transferred authority directly to the lenders who can now determine if a condominium project, after meeting FHA-HUD regulations, is eligible for the insured financing. If the building has not yet completed all the requirements, the lender can offer “spot approval,” financing that can be funded on a limited basis and which takes the burden off the buyer. Buyers can now put down a lowest-ever 3.5 percent on approved condo buildings –– incredible in the condo market of today, where even buyers with good credit ratings are having a hard time obtaining a loan. An extra bonus is (more…)

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SALES UP AND CLIMBING

Michael Kass — Tue, 02 Jun 2009 22:36:40 +0000

From the National Association of Realtors’ (NAR) Pending Home Sales Index, and based on contracts signed in April, pending house sales are up 6.7% – the highest monthly jump in seven years. Between the first-time homebuyer’s tax credit and low mortgage rates, home sales are on the rise for the third straight month, and up nearly 3.2% since a year ago.

Because of the date limitations of the tax credit (December 1, 2009), the NAR expects a flurry of buying activity over the next six months, both by first-time buyers and, as a result, repeat buyers. Nationally, the present median price for a single-family home sits right about at $170,000. The Northeast saw the highest jump on pending sales (33%); The West (the third highest on the list) saw a 1.8% increase.

The 30-year fixed mortgage rate rose yesterday; April 28 saw the lowest level since 1998 (when the first records appeared).

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First Time home buyers may be eligible to get short term loans for $8,000 tax credit

Michael Kass — Sun, 31 May 2009 05:12:09 +0000

The Federal Housing Administration (FHA) announced on Friday May 29,2009 that they will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. More information about the details of this plan may be found on Dept of Housing and Urban Developments website

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Michael Kass — Fri, 15 May 2009 03:19:23 +0000

The 780 billion-dollar economic stimulus plan – the American Recovery and Reinvestment Act of 2009 – includes an $8,000 first-time home buyer tax credit. Though we were all hoping for the originally proposed $15,000 tax credit, the 8K is still reason to celebrate.

Here are the top 10 things you need to know if you hope to take advantage of the tax credit:

1. The $8,000 tax credit is for first-time home buyers only. (“First time” means you cannot have owned a home for three years before your current purchase)

2. It can be applied to 2009 home purchases closing before December 1, 2009.

3. The tax credit does NOT have to be repaid (unlike the 2008 tax credits, which were considered loans).

4. It applies ONLY to your principal residence (not vacation homes or additional property). Which means you, the taxpayer, must live there.

5. If you are building your own home, the date you move in is considered the date of (more…)

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New Condo Reserve Study Law

Michael Kass — Thu, 12 Jun 2008 04:48:10 +0000

The new laws that took affect June 12th 2008 concerning condo law in Washington State.

Some key changes to the Washington’s condominium law will require associations to:

Prepare and routinely update a reserve study to calculate the need for, and cost of, major maintenance.

Encourage associations to estabilsh a long-term reserve account to pay for major maintenance and repairs.

Notify buyers when a current reserve study does not exist and warn this might poses a risk to them.

In the past, unhealthy associations and buildings would pass along the cost of major renovations and repairs to the owners by imposing a special assessment.

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Lucky condos owners could get 2.5 there value

Michael Kass — Fri, 28 Mar 2008 02:01:43 +0000

Children’s Hospital in Seattle is looking into expanding in Seattle or the Bellevue area. The only problem is land is not available, so what the solution. The solution is buy a condominium complex and potentially use the site for the expansion. But how do you get those condo owners to sell their condos. Well you offer them (more…)

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Seattle/Bellevue Condo Tour

Michael Kass — Fri, 28 Mar 2008 01:39:26 +0000

There is a free downtown condo tour so potential buyers can see the latest new developments and conversions that are or will be available in the Bellevue Condo market. They are also providing participants with a complementary shuttle service to take you from one sales center to the next.

Buyers should put their realtors name on the sign-in forms, so they can be represented and have a realtor of their choosing to represent them. Many projects have restrictions on your realtor representing you if you did not include their name on the first visit and registering is a way for them to monitor this.

The Seattle/Bellevue Condo tour provided me with this press release:

Fisher Communications is proud to announce that the Seattle Condo Tour is back and (more…)

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Light Rail Update

Michael Kass — Thu, 27 Mar 2008 23:43:14 +0000

In a project update from the city this month for the proposed East Link project, which would connect the light rail from downtown Seattle to the Eastside the Sound Transit board is reviewing options on the content and timing of a future Ballard measure.

Why are they doing this, well they believe we will have an additional 1.2 million more residents by 2030. I wonder where all these new residents are going to live.

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FHA Increases Loan Limit for Bellevue

Michael Kass — Fri, 07 Mar 2008 01:39:28 +0000

The Department of Housing and Urban Development released loan limits for the Bellevue and surrounding areas today. That makes the new FHA, Fannie Mae and Freddie Mac loan limit $567,500 (125% of the median home price). This is part of the economic stimulus package signed by President Bush earlier at the end of Feb this year. The bill currently increases the home loan limits and ends December of 2008.

The loan limit for other dwellings in the areea are as follows: (more…)

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