What percentage of last 2 yr Tinley Pk. condo sales $130K to $165K range were FHA loans? What is outlook for future FHA loans vs conventional?

Asked by Katidid3, 60477 Sat Oct 1, 2011

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Suzanne Hami…, Agent, Orland Park, IL
Sat Oct 1, 2011
According to the MLS, 36% of all Tinley Park condos sold in that price range in the last 2 years were FHA. 41% were conventional financing and 22% were cash. This is low compared to non-condo sales. A lot of that could be because some condos are not approved for FHA, condo associations often don't want to apply for FHA. That sometimes hampers condo sales. But some lenders can do condos conventional between 5-10% down.

The trend of most sales now, however, is FHA. In non-condo sales, I have heard stats in 70% plus are FHA. And there is current legistation in congress that may require 20% down for all conventional deals. In this case, very few contracts will be conventional. This will hurt condo sales more, unfortunately.

Just so you know though, this price range represents only 27% of the total condos sold in Tinley Park during this period. But the averages for financing are similar in every price range for condos in this area.

If you want to know more about buying or selling in this area, please let me know. I would be happy to provide you with any information you need.
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