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FHA Rule Changes Make It Easier To Buy and Sell Condos

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The 2008 crash was tough on real estate, but for condo owners, it was even more of a nightmare. For condo buyers to get an FHA loan on a condo, the entire condominium development had to qualify under strict rules. These rules had to do with the number of units that were owner-occupied, the type of insurance the condo HOA carried, the number of condos in foreclosure, etc. Not only were the rules themselves strict, but the FHA-Changes-2015-300x225approval process took a lot of time and effort for the HOA. Many condo developments were unable to meet FHA approval so anyone trying to sell a condo in an unapproved project was prevented from selling to a huge portion of potential buyers. Well, good news for condo owners- last week the FHA relaxed the rules for condo approval.

The three big changes include:
-Expanding the HOA insurance coverages.
-Revising the definition of Owner Occupancy- a huge deal for those condos that are used as second homes.
-Streamlining the condo development approval process

If you have a condo in a vacation area, or your condo is likely to appeal mostly to 1st time buyers or moderate-income buyers, these rules changes should make it easier for you to sell your condo. In addition, your HOA should be able to get FHA approval in a more timely manner, with fewer restrictions.

As an aside, one of the reasons Charlie Simms has been able to develop and sell so many townhouses in downtown Dayton, is that those developments are technically not condominiums, but rather Planned Unit Developments or PUDs. It’s a technical and legal distinction that changes how mortgages are approved and has meant that these units have always been eligible for FHA loans. Smart planning!

Currently, these FHA rule changes are only in effect for one year, so if you are an FHA buyer who is looking for a condo, move quickly to find your perfect space.

Rubicon Square & the Fairgrounds Neighborhood

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Condo developments are popping up in Dayton, I’m sure you’ve noticed the newer Patterson Square and McCormick condos, as well as the Sixth St Lofts, but there is another condo development that you might not know about, in fact, you might not Contemporary home in FNknow this neighborhood even exits, at least as a neighborhood with a name and a development plan. I’m talking about Rubicon Square condos.

Rubicon Square is in the Fairgrounds Neighborhood, which is located just south of Miami Valley Hospital and west of Brown St. Its borders are Wyoming, Main, Stewart, and Brown streets, and it’s a fascinating mix of older and newer, more contemporary homes. A home in Fair Market condition can sell for $117,000- $145,000. It’s tucked in behind the newer Brown St development, so in addition to being a charming neighborhood on its own, you are in a very walkable neighborhood, that is beginning to see quite a bit of renewal.

Rubicon Square broke ground in 2013. This is a Charles Simms Development. If you’ve been in the Patterson Square condos, you will recognize the three-story floor plans, but you might not realize these are the same popular townhouses from the exterior because Rubicon Square condos reflect the quiet, tree-lined residential Fairgrounds Neighborhood. They have siding, gables with trim, and covered front doors. Inside, the townhouses reflect the modern style and floor plans that urban Dayton home owners are looking for- large windows that let in natural light, easy-care surfaces, and multi-use rooms, along with a second floor rear balcony for expanded living space.

This is a Planned Unit Development (PUD) so financing a condo in Rubicon Square is going to be easier than other condo Rubicon Squaredevelopments and are eligible for FHA loans. In addition, employees at Miami Valley Hospital may be eligible for a homestead assistance grant that helps with down payment and closing costs. MVH employees can learn more about a special down payment assistance program offered through the hospital by contacting Coretta Tengesdahl in the Human Resources Dept. HOA fees are $40.00/ month and cover snow removal, building maintenance, and the common landscaping.

As of writing this post, Simms Development told me they have 4 unfinished homes available, 1 “market” home available with about $8000.00 in upgrades, and the model home is still available in Rubicon Square. Financing is done through Union Savings, for details call lender Anne Walters at 937-291-2591.

If you would like to take a look at Rubicon Square condos, or any home for sale in the Fairgrounds Neighborhood, talk to your Realtor, or I would be happy to set up a showing for you- my contact information is below. In addition, the 1 bedroom 20140829_141209Brickstone model at Patterson Square is going to be open to the public during Urban Nights on Sept 12, Sharon Hansford told me that they’ve had zero turnover on the “maintenance free” townhouses in Patterson Square in the 3 years they’ve been built. A testament to how livable and desirable these homes and the downtown location is.