FHA Push: Good for Condos? Critics Say No
Critics Say New Mortgage Rules too Hard on Developers
- 50 percent owner-occupancy minimum excludes vacant and tenant-occupied units.
- Condo pre-sale threshold reduced to 30% from 50%.
- Cap on FHA loans in a building raised to 50 percent from 30 percent; can go to 100 percent in certain cases.
- Eligible buildings’ association must have at least 10% of budget in a reserve fund.
- No more than 10% of units can be owned by one investor.
- No more than 15% of units can be at least a month in arrears on association fees.
Loans now OK when associations have right to reject a buyer, provided there is no discrimination.
read comments (0)Governor Signs Bill Amending the Mortgage Rescue Fraud Prevention Act (Act 137)
Author: YvonneOn Wednesday, May 20, Governor Linda Lingle signed Senate Bill 34 into law, which exempts licensed real estate brokers and salespersons who act within the scope of their license from the definition of “distressed property consultant” under the Mortgage Rescue Fraud Prevention Act.
The bill also prohibits a licensed real estate broker or salesperson from acquiring an ownership interest in the distressed property, directly or indirectly, within 365 days after a listing agreement for the same distressed property has expired, or is terminated.
The new law will become Act 66 of the 2009 Legislative Session and takes effect immediately.
An advisory bulletin from HAR and frequently asked questions (FAQ) document will be available in the coming days.
As a CERTIFIELD SHORT-SALE PROFESSIONAL (CSP) I have tools to effectively negotiate with all banks and lenders to get the transaction completed.
ADU Deadline - December 15, 2009
On November 22, 2006, Ordinance No. 843 was adopted granting a “limited right” for a final three (3) year period to allow landowners on Agriculture and Open Zoned properties with a certified ADU Facilities Clearances completed by June 15, 2007 to apply for building permits for their ADUs.
This ordinance established December 15, 2009 as the last day of the 3 year period that building permits can be issued for the affected ADUs. With this in mind, we feel that it is important to inform your clients of the impending final December 15, 2009 deadline.
The County of Kauai cannot issue a building permit for an ADU in the Agriculture and/or Open zone after December 15, 2009 even though landowners permit applications were filed before the deadline. For more information contact the County of Kauai Planning Department at 241-6677.
Climate in Hawaii is the perfect place to grow our own food but at least 85 percent of Hawai‘i’s food is imported and by replacing just 10 percent of imported food with locally grown, $313 million would go back in to Hawai‘i’s economy, as well as generate $6 million in tax revenue, and create more than 2,300 jobs, according to the DOA Food Sustainability December report.
The DOA is beginning to designate the long-awaited Important Agricultural Lands across the state to help local farmers to flourish and supply this food.
Hawaii Department of Agriculture and Important Agricultural Lands


