The FHA lending arm of that particular loan has started to whittle away at those complexes that have been approved and allowed to have FHA loans lent on them. I am speaking about several complexes, that were within the FHA approval guidelines, having lost their certification during the month of November of 2011.
With that, the buyers that are relocating to the Santa Clarita Valley and within the rest of our Relocation circle – have been hit with a “brick wall” of sorts. They were right at the price point that made FHA financing allowable and they were priced comfortably within the various condo’s and town-home complexes here in the SCV. Now, their only option might be to go a 5% down conventional loan – or maybe they will try to step up to a Single Family Residence.
Most are going to find that Single Family Residences will have them priced out when it comes to the difference in price between condo’s, townhomes – and the Single Family Homes.
In fact, most of the Single Family homes for sale, will also have a fee due each month to the Home Owners Association. I would hope that the Buyers are given good advice by their Real Estate professional – “Don’t tap yourself our when purchasing real estate…”