Great News For Santa Barbara Condo Buyers - FHA Eases Tough Condo Financing Rules
In our overall extremely tight real estate market here in Santa Barbara, here is some needed and encouraging news for all of the condominium buyers out there. The biggest source of funding for buyers with 5-20% down payments, the Federal Housing Administration, has revamped controversial rules that caused
thousands of condo complexes across the country to lose their eligibility for FHA financing....and a few here in the Santa Barbara area. The new and revised guidelines issued last week take effect immediately.
This will for sure help a few Condo HOA's here in the Goleta to Carpinteria area to once again seek certification by the FHA....thus opening up the buyer pool. One important rule changes noted was also much greater flexibility on investor ownership. In existing developments, investors can now own more than 1 unit as long as at least half of the units are owner-occupied. With some of these rule changes, there will be that many more opportunities for buyers with lower down payments to purchase a condo in an already very tight condo market.
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For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Berkshire Hathaway.
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