RECENT BLOG POSTS
FHA Condo Approvals – FEMA Letter of Map Amendment In working with HUD to get condominiums approved, I have encountered many different levels of scrutiny amongst the project reviewers.  Some are more lenient with budgets than others; some want very explicit explanations regarding outstanding loan...
07/10/2014
FHA Condo Approvals – Subjectivity in Project Approvals   In working with HUD over the years, I have noticed quite a range of strictness among the project reviewers.  In fact, there is one project reviewer in a Homeownership Center (HOC) with whom I hope my files are not placed! Different reviewe...
07/10/2014
All You Need to Know About FHA “Site Condos” Site Condos in Suffield, CT One of the most common inquiries I receive about FHA condo approvals is about “site condos”.  The primary reason for this is that FHA treats detached condominium projects that meet certain criteria differently than attached ...
07/09/2014
Is a Right of First Refusal Acceptable to FHA? In processing applications for FHA condominium project approvals, it is not uncommon to find legal documents that have a Right of First Refusal.  Often, I have been asked by Board members and property managers if this deed restriction is acceptable t...
07/08/2014
What is a Multi-Unit Condominium? As part of our upfront due diligence process to pre-qualify potential clients for FHA and VA Condo Approvals, we ask if the project contains multi-unit condominiums.  This is a confusing question since a condominium project contains multiple units. A multi-unit c...
07/06/2014
How Long Does it Take to Obtain an FHA Condo Approval? Although I receive this question almost on a daily basis, I haven’t taken the time to write it all down.  Scott Godzyk’s article How LONG will it take a home to SELL if it is listed today? inspired me to commit my response to writing. As with...
07/03/2014
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I Unplugged Yesterday This is a rarity for me as I don’t find it easy to take time off these days.  For the past few years, I had been operating as a one-man show.  If something needed to be done, I would do it.  In that set-up, it’s tough to take a day off without thinking that I might miss a ca...
07/02/2014
Two FHA Handbook Sections Released for Public Comment Currently, the Federal Housing Administration (FHA) is compiling a single comprehensive handbook called the Single Family Housing Policy Handbook.  When completed, it will detail all FHA Single Family housing policies such as lender compliance...
07/01/2014
Hamden Connecticut Condo Sales As part of my marketing efforts, I work to compile data for condo sales in various towns in Connecticut.  I try to pick towns that have a lot of condominiums to provide comparison data between projects that are FHA approved condos and those that are not. Hamden CT C...
06/29/2014
Reverse Mortgage (HECM) New Principal Limit Factors Yesterday, FHA released Mortgagee Letter 2014-12, Home Equity Conversion Mortgage (HECM) Program: New Principal Limit Factors in which it has revised the Principal Limit Factors (PLF).  This letter provides guidance which supersedes that contain...
06/27/2014
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