Dean Graziosi | Dean Graziosi Real Estate | Dean Graziosi Investment

Here is a list of the five best places you can buy hot real estate now. With the market currently a buyer’s market and sellers unable to move houses as much, this real estate list can help you choose a great place to live.

The first hot area to buy real estate is Austin, Texas. Why is this a hot real estate area?

Austin is a beautiful place to live. If you have lost your job you will be happy to know that Austin, Texas, had a 14.1% of job growth in the year 2010. You may want to apply ahead of time to find a job before moving. If you are into a tech career there are more then 2000 tech companies in the capital of Texas. The national USA average of unemployment is 9.8% whereas Austin, TX is 7.1%. When looking to buy a home the average median price is $122,921. If you currently own a home, sell it and you may already be ahead with the low cost of homes here. All of these benefits make Austin a great place to live!

Another one of the hot areas to buy real estate is Broomfield County, Colorado which is located between breathtaking Denver and Boulder. In this area you will find jobs galore including high tech jobs. In the last ten years jobs increased by 50%. Average median home price is $239, 000. Get skiing and hiking in Colorado now!

Looking for someplace warm to buy hot real estate? Check out Deerfield Beach, Florida. The median home price is only $89,400. Enjoy a home with a view of the beach. Imagine waking up every morning, grabbing a cup of coffee and relaxing by the beach.

If you are looking to retire and find a new piece of real estate check out Durham, North Carolina. The median home price is $174,900. Enjoy as many of the one hundred plus activities the Duke University has to offer seniors. You can also enjoy your golden years playing golf, seeing Broadway hit shows as well as concerts and stay young hiking.

On the opposite spectrum if you are looking for a hot piece of real estate to buy and raise your children check out Woodbury, Minnesota. In this area of Minnesota the schools are phenomenal. Plenty of jobs await at 3M and the state government. Enjoy the wonderful lakes for swimming, fishing and boating. Other fun activities include winter activities such as snowmobiling, snowshoeing, making snowmen with your kids, sledding, ice skating, etc. You and your family can hike, enjoy the grassy parks and biking. There is never a dull moment. Median home price in this hot real estate area is $245,000.

The fifth best place to buy a home is Madison, Wisconsin. You can choose to live in Madison or buy a hot piece of real estate rental. There is so much to do in Wisconsin’s capital including many sports, cultural events, affordable housing, one of the top rated colleges, shopping, variety of restaurants, four season activities and so much more. The average median home price is $199,900.

With a little research and help from a real estate agent you can find the best place to live for your current situation. Start living the dream now.

In the past, condominium financing from the FHA was fairly loose.  A 3.5% down payment was all that was needed.  During the recession, the FHA was caught off guard with the number of complications experienced by many condo associations. 

These loosely managed associations fell far short of the requirements detailed in the group’s prospectus.  As a result, many new purchasers were surprised to find they were liable for previously unpaid condominium fees or that they had invested in associations that were not fiscally responsible.

Effective February 1, 2010, the FHA has added stipulations for associations that expect FHA approved loans.  The new requirements mandate associations to be fiscally responsible and solvent before the FHA will approve a development.  The down payment will remain 3.5% but only associations that comply with the new guidelines will be eligible for FHA loans.

These guidelines will protect purchasers and should actually serve as benefits to condo associations who meet the standards.  To qualify for FHA approval, associations are now required to:

·                     Maintain a cash reserve equal to 10% of the annual budget

·                     Adopt as policy a standard assuring that no more than 15% of its owners are more than 30 days late with condominium dues

·                     Allow potential lenders access to financial and insurance policies

·                     Assure that one investor cannot own 10% of the units within the association

·                     Fidelity insurance must be purchased for associations with more than 20 units

·                     A maximum of 25% of the condominiums may be used for commercial space

Fannie Mae revised its FHA lending practices in 2009.  The two agencies have put pressure on condominium associations to bring their financial houses in order.  Condominium boards need to establish adequate reserves, comply with collection policies to reduce delinquency rates and to apply sound, audited bookkeeping. 

Failure to comply will eliminate the possibility of FHA and Fannie Mae financing.  Before investing in a condominium association, make sure the association c0mplies with the FHA terms.