All Posts

If the homeowners association has approval authority of a unit owner’s ability to lease his/her unit either directly or indirectly, the condominium is ineligible for project approval with FHA

The issue is that all unit owners are required by the legal governing documents to acquire and maintain membership to either a regional or national nudist organization.

If the legal documents grant irrevocable POA to the association simply by the unit owner accepting the deed, the condominium is ineligible for FHA condominium project approval

If you submit a condominium package to HUD that is not approvable, you could be subject to a $3500 fine.

Basically, a condominium’s CC&Rs may not limit the amount a seller may gain from the sale of his/her unit EXCEPT for the exceptions laid out in 24CFR203.41

The VA is tougher on leasing restrictions than is FHA, if you can believe that.

FHA does allow greater than 50% concentration in condominiums that meet its guidelines to be granted an exception

Because these projects do not have an HOA to enforce the CC&Rs, FHA has decided not to approve these condominium projects

Co-housing communities range in size from a handful of units to more than 5 dozen; although typically they contain 20-40 units

The above list represents the major categories of condominiums that are not eligible for FHA project approval. Most of them are also not eligible for Fannie Mae

From an FHA condominium project approval standpoint, a severe drought is an exceptional circumstance that is beyond the control of the association. If budget overruns do occur...

The Board thought that the FHA approval would mean that the condominium would then be a HUD community and have the right to tell the association how it should be managed.

The Board has been reluctant to provide the necessary information to us and it recently surfaced as to why this is. They have concerns that once the condominium is approved by FHA, the Federal Government will have the power to dictate how the condominium is run.

The management company is refusing to provide any assistance in the FHA approval process because they will not be the provider of this service.

A few weeks ago, the Chief in FHA's Philadelphia HOC was replaced and since then, we have seen some changes in procedure and the level of scrutiny.

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

The packages for FHA condominium project approvals include the management agreement between the association and the property manager

FHA “concentration” means the percentage of units that are encumbered with FHA financing.

The approval was due to expire on 6/10/15 and he has one, possibly two, pending sales to FHA buyers that could be in jeopardy if it doesn’t get approved quickly.

Neither of the two condominiums maintain their own reserve accounts. The Master Association maintains reserve accounts and collects money for their funding annually.