FHA/VA Condo Project Approvals

In case anyone missed John's super article about FHA's loan volume, delinquency rate and monthly mortgage insurance.  The article is too good to not pass along. Good Job HUD (Told ya So!)          Back in 2014, I was pretty hard on HUD in regard to the FHA loan program.  Annual PMI premiums at th...

What Types of Condominium Projects are Approvable by FHA?This is one of the most commonly-asked question that we receive.  The better question to answer is Which types of condominiums are NOT approvable by FHA?   Then we can deduce that all other types of condominiums are eligible for FHA condomi...

Can We Use Reserve Funds for Landscaping During Drought?We receive a lot of questions from associations on how they are able to use their reserve funds and still be eligible for FHA condominium project approval.  Up in our neck of the woods in New England, these questions are primarily geared tow...

FHA Won’t Dictate How You Run Your CondominiumWe have been working with one of our clients for many months because the Board has been reluctant to provide the necessary information to us.  It recently surfaced that they have concerns that once the condominium is approved by FHA, the Federal Gover...

Property Manager Won’t Help With FHA Condo Approval...because they offer the same consulting service.We were contacted by one of our property manager referral partners about obtaining an FHA condominium project approval for the condominium in which he lives.  Over the past 5 years, we have facili...

This is a must-read for anyone considering buying a condominium. When you are looking to buy anything, you always look at the pros and cons of your purchase. Whether it’s a new shirt (which color, etc) or a new car, you should look at both sides of the purchase. The same rules apply to the purcha...

New Level of Scrutiny in FHA Condo Project ApprovalsIn February, we were saddened to learn of the retirement of the Chief in FHA’s Philadelphia Homeownership Center (PHOC).  We had a great working relationship with her and had met her in 2014 at the Round Table sessions in Washington DC.  A few w...

"Your Association and the FHA - What's in it for me?" with Eric Boucher   Join Reserve Specialist Robert Nordlund of Association Reserves and Eric Boucher of ReadySetLoan in this straightforward discussion clearly outlining the benefits of becoming FHA approved and what it takes for your associa...

Trying to be Slick with Legal LanguageThe packages for FHA condominium project approvals include the management agreement between the association and the property manager.  Most of them are about 8-12 pages, cut-and-dry, very simple and very easy to read and interpret.  But there are some that ar...

6-Unit Condominium Approved with FHA in 9 DaysIn February, we were contacted by a unit owner in a 6-unit condominium in Chicago.  His condominium’s FHA approval was due to expire in June.  He had read my article about FHA concentration and had some questions.  After speaking to me, he said that h...