Ken Harney Beats the FHA Condo Approval Drum…Again
For the third time in 2 months, nationally-syndicated, award-winning Ken Harney, columnist for the Washington Post and regular InmanNews.com contributor is once again Beating the Drum for FHA Condo Approvals.
On April 8, he was kind enough to mention me in an article about FHA Spot Loans. On May 6, he spoke about upcoming rule changes to FHA Condo Approvals as they pertain to third-party transfer fees.
In his most recent post on May 23, he discusses a concerted effort by real estate agents to educate condominium associations about the benefits of obtaining FHA and VA condo project approvals. In it, he states:
“At this month’s spring legislative conference of the National Association of Realtors® in Washington, brokers and agents from California unveiled a campaign to convince condo boards to rethink their objections to FHA certification – for their unit owners’ sakes.”
The unveiling was a video created by the Orange County Association of Realtors® in which it relates facts about the benefits of obtaining an FHA condo approval. It also works to dispel myths that FHA borrowers are not strong borrowers, including the fact that FHA loans have a lower default rate than Fannie Mae.
Having an FHA condo approval increases the buyer pool for units that are for sale. This can create competition but, more importantly, it brings buyers. This helps to protect the property values within the community.
In addition, FHA buyers are typically owner-occupants and are more likely to have pride in ownership than an absentee investor-owner or a tenant. They also help to create stability within the project.
This is wonderful marketing material for me and provides excellent third-party documentation about the need to get an FHA condo approval. People are often hesitant to take my word for it because I earn a living helping condominiums to get approved with FHA. “Of course, you’re going to recommend it – you earn money when people say ‘yes’!”
But you don’t have to take my word for it. You can take Ken Harney’s word… or that of the Orange County Association of Realtors®…or any real estate agent with solid knowledge of condominiums.
The Condominium Project Approval Team at ReadySetLoan is dedicated to helping condominium projects across the nation to obtain their approvals with FHA and the VA or become recertified with FHA. We have assisted nearly 200 condominiums and we can help your association.
ReadySetLoan is an active member of the Connecticut and New England chapters of the Community Associations Institute (CAI) and is a frequent contributor to Common Interest Magazine as an expert in FHA/VA condominium project approvals.
Please contact us with any questions regarding FHA or VA condominium project approvals. You can email me at askeric@readysetloan.com or call me at 404-433-4565. I will be happy to answer any of your questions.
FHA/VA Condo Approval Specialist
404-433-4565 Cell Phone
860-644-3772 Fax Phone
Check out our article in Common Interest magazine on page 19!
