“Mr. Condo” is the stage name for Robert Gourley who manages a site called askmistercondo.com. He is a WEALTH of information about all things condominiums and is a former Executive Director of the Connecticut Chapter of the Community Associations Institute. Through his site, he receives dozens of questions per month ranging from “can our Board do [fill in the blank]?” to “how do we get our neighbor’s dog to stop [evacuating] on our lawn?”
Recently, he was queried about FHA condominium project approvals. A unit owner was denied a loan on the basis that the community’s FHA approval had lapsed. He wanted to know how he could get the Board to get recertified so that he could complete his refinance.
Mr. Condo stated that while there is no legal obligation for the Board to get recertified with FHA, it does hurt the community. Unfortunately, this unit owner was experiencing it first-hand. He recommended approaching the Board with sufficient knowledge to be able to persuade the Board into recertifying.
Mr. Condo writes: “most associations can achieve [FHA certification] and most will benefit from it because it creates happy unit owners who have an easier time buying, selling, or as is the case for you – refinancing their units within the association.”
To read the full article, please CLICK HERE.
Top Photo Credit: (c) Can Stock Photo / MaxyM