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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.

We are currently processing a 2-year FHA recertification for a small 6-unit condominium.  It was approved with FHA in June of 2013 so it...

This may be one of those cases where FHA makes internal changes to its guidelines for condominium project approval and doesn't tell...

Probably the most under-utilized purchase loans for condominium units are those insured by the USDA. Like the VA and FHA, the USDA Rural Development (RD) program is a home loan insurance that allows the financing of condominium units.

The USDA determines the eligibility of an area based upon census data and sets a maximum population limit. Until the 2010 census data was released, it was using the 1990 and 2000 census data and had set the maximum population for the area at 25,000

A proposed new construction condominium project can meet the project-level requirements to get on the FHA Approved Condominiums List even before any of the units have been built

Last week a loan officer contacted me regarding a loan he had in  process.  At the 11th hour, the lender was rejecting the conventional...

Using reserve funds will not necessarily impact the ability to get recertified with FHA. This is an unusually bad winter and I would expect most condominiums in the northeast will be over-budget on winter-related expenses. FHA will understand this so we can explain this away

In speaking with several associations recently, I was surprised to hear that they knew about this FHA requirement but didn’t know anything about Fannie Mae. “We aren’t seeking FHA approval” was the response from one condo board member. Maybe not, but you are ruling out the VAST majority of buyers by not making this contribution.

“Mr. Condo” is the stage name for Robert Gourley who manages a site called askmistercondo.com .  He is a WEALTH of information about all...

‘Tis the season of heavy snow, fallen trees and damaged property.  In populated areas, the possibility of a neighbor’s tree falling onto...

Last week Fannie Mae announced the reintroduction of 97% financing for single-family homes, PUD units and condominium units.  This...

Fannie Mae reintroduces 97% financing for single-family home purchases and refinances

Probably one of the most distinct features of condominium ownership lies in the concept of “undivided ownership interest” of the common elements. All unit owners as members of the condominium’s association share ownership of the common elements.

A question frequently asked by lenders and homeowners regarding home insurance is whether or not wind is a covered form of loss.  The...

On Friday, December 9, 2015, HUD released Mortgagee Letter 15-01 which announced a 0.50% (50 bps) reduction of the FHA monthly mortgage...