Dallas Condo Market – Conventional, FHA, VA Loan Approvals

Dallas Condo Market

dallas_urban_condosIMG_4807The Dallas condo market like many other urban areas is experiencing problems with high inventory and lending issues.  Now is a great time to buy a condo in Dallas if you can find the right property, at the right price, with the right mortgage.  With historically low interest rates and an abudance of options, buyers are able to secure an excellent deal!

Dallas Condo Loan Approvals

One of the main lending issues home buyers are facing on condo and townhome subdivisions in Dallas is FHA/VA loan approvals.  Many of the properties in Dallas are not FHA/VA approved either because they do not meet occupancy rates, other lending requirements, or simply never applied.

Search Dallas FHA/VA Approved Condos

Dallas Condo Spot Approvals Terminated

New FHA Condo Loan Revisions are creating even more obstacles for buyers trying to obtain a loan.  For example, take the new FHA Loan Revisions which 86 spot approvals, place 2 year approval caps on condo projects, and expire all FHA approved projects which received approved status over two years. These FHA revisions, which are effective Nov. 1st, combined with the expiration of the Home Buyer Tax Credit on Nov. 30th, will create more lending roadblocks and especially hurt the first time buyer market.

Dallas Condos For Sale Not Selling

North Texas Condo Market Struggling – Mitchell Schnurman reports on the Dallas Fort Worth Condo Market.  High Inventory and Lending Roadblocks creating problems with market recovery.
FHA Condo Approval Changes – New FHA guidelines tighten condo loan approval requirements.  Spot approvals are no longer an option for buyers looking to purchase condominiums in Dallas.

For more information and to search condos in Dallas, please visit Dallas Condos.  For the latest news on condos in Dallas, check out Dallas Real Estate News which includes market reports, news, articles, tax credits, and more.

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