Category Archives: Condominium

Its Important For Your Condominium Community To Be Hudfha Approved

The Feds changed the game.

You now need to be HUD and FHA approved before your condominium community can offer FHA loans to your buyers. Once your complex is approved you must be recertified every 2 years.

If your condo community is not HUD/FHA approved you are missing out on a lot of buyers.

For people who can’t qualify for conventional loans the FHA loan program is the answer.

According to DQ News in April 2011 – 33.4% of the purchase mortgages used in 20 of the largest metro areas were FHA-Insured and the November 2010 Realtors Confidence Index reported that Nationally 39 percent of recent buyers purchased a home with FHA-insured loans.

If your condominium community is not FHA approved you are missing out on a lot of potential buyers. This will also affect current homeowners when they go to sell their unit.

For many first time home buyers qualifying for a conventional loan isnt possible. Through the FHA there are programs that make it feasible for these people to get affordable financing.

The Benefits of the FHA Loan Program

– A low down payment

The FHA program lets buyers put as little as 3.5% of the purchase price down. As you can imagine this opens many doors for people that wouldnt otherwise be able to come up with a conventional down payment.

– Help with closing costs

Qualified applicants can also receive up to 6% towards closing costs. This further reduces the loan and down payment amount.

– Co-Signer requirements

Another part of the program allows for a blood relative to co-sign. What makes this program different is that if the home-buyers dont have enough credit to qualify on their own a blood relative can co-sign without needing to reside in the home that is being purchased.

With the help of those benefits people with little credit, low and moderate incomes and first time home buyers have more opportunities to find affordable housing.

These types of people make up a large part of those buying homes. First time home buyers are usually those that are less qualified for conventional loans. Without being HUD approved your condo community will not be able to provide affordable financing from the FHA.

Recently HUD made drastic changes to their condo approval program. These changes jeopardize the availability of FHA loans for condominiums.

HUD Changes:

– Elimination of spot approvals
– Mandatory recertification for projects approved prior to October 2009
– Re-certification every 2 years

The elimination of spot approval can cause major concern and problems for your condominium community. Spot approvals gave every condo community a way to assist people requiring FHA programs. Loans were decided on an as needed basis.

If you were relying on spot approvals to obtain financing for those homebuyers that need FHA assistance that option is no longer available. You will not be able to get FHA help to purchase a home within your community.

Now full HUD approval is required for anyone wanting to use the FHA loan program.

If your condominiums need to be certified or recertified now is the time to do it. It is anticipated that there will be a boatload of applications to HUD for FHA approval over the next few months so get yours in now. First come – first served.

To see if your condominium complex is HUD/FHA approved go to https://entp.hud.gov/idapp/html/condlook.cfm

To view HUD Mortgagee Letter 2009-46 B regarding condos approval go here http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-46bml.pdf

For a Condominium Project Approval and Processing Guide go here http://portal.hud.gov/hudportal/documents/huddoc?id=11-22mlguide.pdf

The Rise of the Condominium Industry of the Philippines

There are many popular types of Philippines properties for sale in the market today, and some of the most popular, according to many experts, are residential real estates. One of the most popular types of housing today, according to these experts, are condominiums.

The Rise of the Condominium Industry of the Philippines Compared to other types of housing other than the typical house, such as apartments and townhouses, condominiums were only recently introduced in the Philippine market. However, it quickly gained a lot of popularity because of a number of benefits in which many Filipinos have take advantage of, such as its location.

Advantage in Location According to many real estate experts, the first reason why these types of residential Philippines properties became popular is because of their locations, which are normally found in business and commercial districts.

Because of the accessibility it offered to its residents, many Filipinos found these types of housing modern, particularly because it gave them the necessity they were looking for, which is the luxury of living within walking distance or mass transit distance to their workplaces, allowing them to avoid the hassles of rush hour.

Other than the luxury of its location, condominiums are also known for its other luxuries, such as its maintainability as well as high security.

Advantage in Maintainability All condominiums are known to hire their own maintenance personnel who assures the functionality of other facilities found in the condominium, such as its cooling systems and elevators, as well as its hallways, garage, storage areas, the lobby, as well as its recreational facilities (if there is any).

Advantage of Security Another advantage of living in a condominium is its security. Because most if its residents are of high stature, such as wealthy families as well as company executives, these condominiums are mostly heavily guarded, to assure the safety of their residents from any harm.

Advantage for the Family Although not all condominiums are known for its family-oriented environment, particularly the condominiums found in business and commercial districts, a number of new condominiums were established around Metro Manila which aims to offer the best environment for the family. These types of residential Philippines properties are called condominium complexes.

Advantage in Luxuries In addition to its family-oriented environment, condominium complexes are also known for its amenities such as swimming pools, gyms, recreational parks, and playgrounds which add to its luxurious atmosphere.

Disadvantages of Condominiums Other than its advantages, there are also a number of disadvantages to condominiums. One common disadvantage is its expensiveness, even with condominium complexes. Another major disadvantage of condominiums is its condo fees, which are normally paid for the whole maintenance of the condominium as well as wages for its hired personnel.

For condominium complexes, the disadvantage is its location, which is normally found in the outskirts or even in provinces. Because of this, residents may find it harder to get back to their workplaces compared to living in a typical house found in residential districts of nearby cities.For more information visit to our site at http://www.avidaland.com

Condominiums In The Philippines And Its Advantages

Condominiums have become a very popular type of housing in the Philippines according to many experts. What made these types of housing very popular is that it allowed their residents to experience luxuries that other types of housing lacks, particularly the simple house. Many Filipinos have also said that condominiums are somewhat a cross between the luxuries of townhouses and the beneficial location of apartment buildings, which gave them a type of housing which is both luxurious and beneficial for many people.

Condominiums and its advantages Condominium is a type of housing tenure which involves the ownership of an apartment unit, a house, or a townhouse, while common areas such as hallways, elevators, heating and cooling systems, and other recreational facilities, are jointly owned by all the owners. Condominiums are also known uniquely for its condo fees, which are used to maintain the livability and facilities of their condominium.

The reason why condominiums became popular among many Filipinos is because of the many benefits that many other types of housing lacks, such as the advantages that many makati condo can provide. These includes its location, which are mostly found in areas near business and commercial districts, maintainability, security, as well as amenities such as swimming pools, gyms, recreational parks and playgrounds.

Location advantage What made these types of housing popular is because of its location. Because most of these condominiums are found in the heart of the bustling city, such as the many makati condo, residents are not only given a luxurious lifestyle, but they are also given the luxury of living within walking distance or mass transit distance from their workplaces, allowing them to avoid rush hour.

However, though these condominiums are found in the busiest place in the country, condominiums are still known to provide their residents the privacy they needed as well as the peace and quiet that many Filipinos seek after a day’s work.

Maintainability and security Though many other types of housing such as apartment buildings are known for its own maintainability and security, condominiums also gained a lot of popularity because of this. All condominiums, such as the many makati condo, are known for their maintenance personnel that assures the livability of their condominiums, at the expense of its residents. Security is also one of the few popular features of condominiums.

Amenities One of the few reasons why condominiums are still very popular in the market. These new condominiums, known as condominium complexes, didn’t only become popular because of its luxurious location, which are mostly found in areas away from the city, such as in the outskirts as well as in provincial areas, these condominium complexes also became popular for its amenities, such as swimming pools, gyms, and other recreational facilities.For more information visit to our site at http://www.atayala.com

Penthouse – Which Penthouse Property Should You Buy in Singapore

When looking to purchase luxury condos or penthouses in Singapore, the most popular properties are surrounding the city area. If you have a map of Singapore and draw a semi-circle with the southern tip of Singapore as the center, these are where the prime condos are located.

Purchasing newly launched condos will ensure that you have the best facilities, lifestyle, landscaping and interior finishings of that period. Here are some of the popular penthouses among foreigners.

1. Penthouses at the South of Singapore

Property here such as Marina Collection belong to a niche group of property buyers that cherish waterfront style living. Penthouses, 3 to 4 bedroom units are built always facing the sea so that their occupants can enjoy the sea breeze and a wonderful view overlooking the sea. The entire southern area of Singapore is being transformed by the Singapore Government to be water themed based, with great architecture in the works such as the double helix bridge. You’ll also be minutes away from the newly built casino 2010 as well as Universal Studios, shopping mall such as Vivo City.

2. Bukit Timah

This area has a high concentration of expats living in this area. There is a lot of lush greenery here and you can get apartments close to Macritchie reservoir as well as the city. Many expats love this area and although the prices of the 3 bedrooms here can be as high as US$1.5million, the lifestyle and living here is top notch.

Cyan is a good penthouse launched 2010 that can be found at Bukit Timah, Keng Chin road.

3. In the City

Penthouses in the city are often bought by Indonesians. These places are right next to the shopping malls. For an urban lifestyle close to office and shopping, but yet with fantastic greenery landscaping, spa and pool, Water Scape at Cavanagh launched 2010 is a penthouse you’ll want to check out.

Commercial Fitness Equipment Options For A Condominium Fitness Centre

Condominium living is becoming more and more popular for urbanites. Condo dwellers expect a lot out of their building, especially if they are paying high condo fees. Many buyers are looking for buildings that include a quality fitness centre. Space will be a huge factor when designing a fitness centre in a condominium. Here are 5 essential pieces of commercial fitness equipment that will give the users the best workout in a limited space.
1. Treadmill
Treadmills may be the most important piece of commercial fitness equipment that you include in a condominium fitness centre. They are versatile and will meet the needs of many users. Most modern treadmills will offer variant speeds, inclines and programs allowing different users to get different benefits from the equipment. Treadmills are extremely popular so if space allows two or three treadmills are recommended to cut wait times for users.
2. Elliptical
Another piece of cardio equipment that should be included in a condominium fitness centre is an elliptical trainer. They offer a low impact cardiovascular workout using both the upper and lower body. Ellipticals provide a smooth fluid motion while still building strength in the muscles. Since the users feet stay in the pedals throughout the movement there is little or no impact on the joints. A good elliptical trainer will have the capacity to vary in resistance making it ideal for new users and athletes alike.
3. Upright and Recumbent Bikes
Stationary bikes and recumbent bikes are great for older users or for people who are recovering from an injury. Its also a good idea to offer different types of cardio equipment to give users a choice. Upright bikes are more similar to road bikes so are great for users who enjoy cycling but are unable to get out due to location or weather. Recumbent bikes have a different seat position so the rider is leaning back more with their legs slightly elevated. They tend to be more comfortable than the traditional upright bike for longer workouts. Again if space allows having one or more of each would be ideal.
4. Strength Machines
Space keeps coming up time and time again since its something that most condominium fitness centres are lacking. To combat this while still allowing for a good workout, multi-gym systems are perfect. This type of commercial fitness equipment offers the tools for different exercises all on one piece of equipment. Many of the systems on the market even allow several people to use the equipment at one time. Its safe to assume that the equipment will be used regularly by many users so its important to purchase a good quality system that will stand the test of time. Since most condominium fitness centres are unsupervised of safety reasons its better to have a system with pre-stacked weights as opposed to one with loose weights that need to be added on.

5. Free Weights and Benches
A selection of free weights, preferably dumbbells starting at 5lbs and working up to 50lbs, along with benches both incline and flat are also an integral part of a quality fitness centre. Free weights are a popular choice for gym users. There are hundreds of exercises that can be done using dumbbells either standing or using a bench. They take up little storage space and allow for adaptable workouts for patrons. You will want to ensure there is enough space around the benches and open area for users to hold their arms out in all directions. Along with dumbbells, kettlebells are also a good choice.
Setting up a fitness centre in a Condominium isnt that much different than setting up a Hotel gym or Community Centre gym. Think about the demographic of the user, the size of the space and of course the budget. Commercial fitness equipment is a must since it is developed to withstand multiple users per day. Quality equipment doesnt have to cost a lot since there are good dealers of used commercial fitness equipment as well.