Many buyers use FHA loans to purchase their homes due to the low down payment (3.5 percent). However, not all types of residential property were available for FHA loans.
Many folks, especially empty nesters, no longer want the huge house and big yards. They would prefer a condo type community. Until now, the entire building would have to be certified by FHA, meeting their standards. This was problematic for folks who wanted to buy and sell because it eliminated an entire part of the lending community.
FHA will now allow consumers to get an FHA condo loan if less than 15 percent of the dues are less than 60 days late. Previously, it was 30 days. Also, condo boards are now less liable to FHA violations.
Congress also voted to strengthen FHA. It was reported earlier this year that the FHA was risking becoming insolvent. They raised premiums and received money from a lawsuit to avoid this.
Congress is now allowing them to go after unscrupulous lenders, strengthen oversight and collect losses for from lenders who committed fraud or made mistakes in underwriting, according to the National Association of Realtors.
By the Numbers (Greater Lilburn, September so far):
Total Listings: 21
Average Days on the Market: 116
Median Price: $100,000
Average Price: $119,238
High Price: $294,050
Low Price: $43,001
Total Volume: $2,504,000
Parkview Foreclosure Sought after neighborhood, upgraded
Meadowcreek Foreclosure: Nice lot, cute home