by rtdosen | Nov 6, 2015 | Uncategorized
Condo Financing Hurdles Abound By Ryan Dosen Buying a condominium unit is probably not as simple as you think. Of course, in the post-recession wake of the real estate and mortgage meltdown of the 2000s, qualifying for a mortgage to buy anything can be quite a challenge. However, most people probably do not know that there are additional hurdles and potential roadblocks to financing and purchasing a condo. We do not have many condominiums in the West Chester, PA area, but there are plenty if you venture out to nearby Philadelphia, Wilmington, or other surrounding areas. Some local townhome projects are actually considered condominiums, and the future may see increased usage of condominiums to help cope with the conflicting needs to preserve our green space and to provide residences for an increasing population. Condo Financing Complications Local mortgage expert Ken Feinman of Approved Mortgage in Doylestown, PA says that buying a condo nowadays can be very challenging if the condo is not already approved by Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac are government-sponsored entities (“GSEs”) that that buy mortgages from lenders and sell them to investors. The catch is that in order to be purchased, the mortgages have to meet the GSEs’ requirements and be deemed “conforming”. And for condominiums, there are extra requirements for loans to be deemed “conforming”. Feinman says that some of the additional requirements for condos include production of a 90-day homeowners’ association (HOA) budget statement, a master insurance policy for the project, fidelity bond coverage (insuring the association against losses incurred as a result of fraudulent acts), proof of an...
by rtdosen | Nov 6, 2015 | Ryan Dosen Real Estate Articles
Inviting Home Design Trending in 2015 By Ryan Dosen Sophisticated elegance is out. Warm and inviting is in. According to consumer insight obtained by way of Realtor.com’s “Get This Look” promotion, home design is trending away from “look, but don’t touch elegance,” and trending toward “gather-worthy” and more authentic layouts and décor. Many will be preparing soon for holiday gatherings and spring listings, so let’s take a closer look at some of today’s top home design trends. Natural Looking Spaces for Entertaining Realtor.com’s “Get This Look” promotion invited site visitors to vote for their favorite home styles and get a chance to win a $45,000 home makeover by television host and lifestyle expert Jennifer Farrell. Over 100,000 entries were submitted, revealing “Inviting,” “Rustic,” and “Beachside Charm” as the top three home design choices for 2015. Farrell says that “we are seeing a shift in home design trends—leaving behind the glitz and glam for a more natural look—whether that may be a rugged barn with many textures or a serene beach-like feel.” She tells us that “today’s style reflects today’s lifestyle and we’ve found that having a space for entertaining family and friends all year round is the number one trend.” Inviting America’s number one design choice for 2015, receiving 23 percent of the overall vote, is the “Inviting” living space. Realtor.com describes an Inviting living space as “a welcoming atmosphere that includes fun barware, plenty of seating and a gather-worthy kitchen that can serve as the life of the party.” If you’re thinking about updating your home, consider staying with the trend of opening up your kitchen and floor...
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