A good job, a big down payment, and great credit will go a long way to getting you approved for your mortgage loan.

There’s just one other thing you’ll need and it’s completely out of your control.

If you’re thinking of buying a condo in a new project, you will have to hope that the project is able to qualify for third-party approval or you’ll likely find your options to be limited when looking for a lender.

The New York Times has a great article on this in yesterday’s newspaper.

The guidelines and approvals come from Fannie Mae, the buyer of home mortgages; Freddie Mac, its smaller competitor; and the Federal Housing Administration, which insures loans. The rules were meant to help strengthen their balance sheets as they faced a surge of loan defaults in the condo market.

“If a condo project is not approved, it makes it very difficult to get financing for a first-time purchase or refinancing,” said David Adamo, the chief executive of the Luxury Mortgage Corporation in Stamford, Conn.

According to the article, the National Association of Realtors estimates that as many as 23,000 condo projects nationwide may lose FHA approval over the coming months.

In order to qualify for FHA approval, generally the project has to have 30 percent of its units sold, the condo association must have a certain amount of money set aside in reserves, and there are limits on how many units can be investor-owned. Fannie Mae’s and Freddie Mac’s guidelines tend to be stricter.

If you can’t get a loan the “traditional” way, you can always use a local lender or through something like your work’s credit union. You may end up having to pay a higher interest rate, however.

What it means to you is that you should do a good amount of due diligence before making an offer on a condo in a new development. Find out if it qualifies for approval. Make sure your offer is contingent upon getting mortgage loan approval by a lender and that you can withdraw without risking your money, if it doesn’t.

Talk with a mortgage loan professional.

More: Stricter Lending Guidelines for Condos

A project that has been on hold due to the economy looks to be taking at least one step toward eventual construction.

The Boston Globe is reporting that plans to redevelop as set of buildings on Melcher Street in the Fort Point Channel neighborhood of Boston have been modified.

The developers’ plan has been overhauled since it was first proposed in February 2008, and consisted of combining all three buildings into a monolith, which would house solely retail and office space. The new proposal, which the developers will present to Fort Point neighbors on next week, will include 38 residential units, including five affordable artist live/work spaces.

The co-developers are the Archon Group and Goldman Properties, who are also behind the proposal to construct an 180-unit apartment building on nearby A Street.

Click through to read more about how the two projects are related to one another and how neighbors are wondering if something fishy is happening.

Goldman Properties and the Archon Group, through their W2005 BWH II Realty L.L.C. partnership, has proposed changes to its plans for a series of buildings located in the Fort Point Channel neighborhood of Boston.

Instead of tackling all the changes at once, the “Amended and Restated Development Plan” would authorize a phased approach to the 49/51/63 Melcher Street Project.

Phase I would be undertaken in conjunction with the development of the Proponent’s nearby project located at 319 A Street Rear, and would include rehabilitating and converting the existing building at 63 Melcher Street into an approximately 34,700 square-foot residential building with approximately 38 residential units.

Of these approximately 38 residential units, five would be affordable, artist live/work units which will partially satisfy the affordable housing required for the Proponent’s project at 319 A Street Rear, approximately 27 would be smaller unit types, of which four would be affordable, and would range in size from approximately 340 to 500 square feet, and approximately six would be loft-style units.

Phase II would proceed independently of the Proponent’s project at 319 A Street Rear, and would rehabilitate and convert the existing buildings at 49 and 51 Melcher Street into an approximately 185,250 square-foot, integrated commercial building with a single elevator core and continuous floors.

The originally approved 49/51/63 Melcher Street project included approximately 224,136 square feet for gross floor area. The Proposed Project would include approximately 219,950 square feet of gross floor area, an approximately 4,186 square-foot reduction in size.

Plans for the new building proposed for 319 A Street Rear were approved earlier this month.

There is a public meeting on January 10, 2011 from 6:00-7:30PM at Bargmann Hendrie + Archetype, Inc. (BH+A), 300 A Street (Conference Room, 1st Floor) to discuss the project and the changes.

In what must be seen as continued faith in an uncertain market, the W Boston Residences’ sales team has increased prices on a couple of its listings.

According to the Multiple Listing Service Property Information Network, Inc. (MLSPIN), two condos have had price adjustments this week.

Unit #23F was repriced from $825,000 to $865,000. This is an ~857 square foot, one-bedroom, one and ½-bathroom home. Meanwhile, Unit #24J had a a price increase from $905,000 to $965,000. This is also a one-bedroom, one and ½-bathroom home with approximately 1,103-square feet of space.

The mixed-use development is approximately 23% sold at this point, with closings recorded on 28 out of the 122 units in the building. Most recently, two units were sold in late December with the presumed intention to combine them into one unit. The purchase price was $1,850,000.

Otis & Ahearn is the marketing and sales broker. Please contact us for buyer’s agent representation.

Developer Steve Samuels has proposed expanding his Fenway-based holdings to include a new project in the Fenway / Longwood Medical area.

According to the Boston Herald and Boston Business Journal, the $250 million plan filed with the Boston Redevelopment Authority would include a total of 290 apartments, 195,000 square feet of retail and 225,000 square feet of office space. There will be additional parking, too.

Samuels & Associates is the company behind the Fenway Trilogy apartment and mixed-use building as well as the 1330 Boylston complex.

In addition, the company is in the process of closing on its purchase of the 950,000-square foot Landmark Center, across the street.

What this means is that an almost-completely new neighborhood is being carved out of what was one a long-street of parking lots and one-story buildings, many car-parts and light industrial in nature.