Everyone knows the market value of some condominiums has been hammered. One possible reason—and perhaps a bigger factor in the future—is the recent launch of the HRAP/DELRAP system by the Federal Housing Administration.
In effect, the system declares certain condo developments “off limits” for FHA loans. There are a few financing alternatives, which I was able to touch on briefly in the final paragraph. Read the story in today’s Denver Post:
FHA rules may tip condos over financing edge
You can link directly to the HRAP/DELRAP database here, and search for a specific condo development. But be aware that the database isn’t yet fully populated. So some developments that deserve a “rejected” rating may yet be added.
