FHA Certification and Your HOA
Bob Gourley is a former President of the Board of Directors of the Connecticut Chapter of the Community Associations Institute (CAI-CT). He operates an incredibly informational condominium site called MyEZCondo and runs a Q&A page on the CAI-CT website called "Ask Mister Condo." He is also one of the top contributors to a website dedicated to condominium associations called Association-Life.
Long story short (too late!)...the guy knows condos.
One of his articles from today is titled "FHA Certification and Your Community". Given his background and knowledge of community associations, I was excited to read this article.
In the article, he writes:
"My advice is to get in front of it and get your condominium on the FHA approval list now, before you find yourself defending your lack of approval, or worse, defending the fact that the condominium never even sought approval."
I spoke with a property manager just yesterday who was remarking to me that of the HOAs that he manages, only the ones that are on the FHA approved condos list have been able to sell units. He said that in one of his communities that is not FHA-approved, there have been 7 units on the market for nearly 6 months. [Average selling time for condos in the area is 3-4 months.] He chuckled as he said "they don't want to get FHA approved and can't figure out why their units aren't selling! Hello??"
By not being on the FHA Approved Condominiums list, these projects are needlessly eliminating buyers due to misunderstanding for whom FHA loans are truly designed.
Thank you very much, Mister Condo! If you continue to spread the word, so will we!
Image courtesy of grant_cochrane/freedigitalphotos.net
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!
