Last year, I was contacted by the President of The Hamlet of Enfield Condominium Association in Enfield CT. Their FHA condo project approval was just about to expire and Peter, the Board President, was searching for someone to help the association to get recertified with FHA.
Peter was adamant about not losing the FHA certification because it was his belief that this certification held the key to unit sales in his community. He said to me “our units are the only ones selling in Enfield because we are approved with FHA.”
We were hired just after the expiration of the FHA approval and began the recertification process in October 2013. The Hamlet was approved with FHA in January 2014. The delay was due a slight internal change and FHA which required us to gather additional documentation. Sometimes FHA makes internal modifications that we don’t learn about until a file is rejected.
Since the recertification, I have been keeping an eye on the sales in The Hamlet to verify Peter’s belief.
The Hamlet lost its FHA approval on 9/7/2013 and was recertified on 1/29/2014. During this time period, there were ZERO sales that occurred within the community and FOUR listings expired.
Following the FHA condo approval, three of the active listings were under contract within one month; two of the three were FHA buyers. There have been 4 closed sales in the community to date and another three are pending.
One of the four expired listings mentioned above was relisted and has already closed. Another unit whose listing expired was relisted on 4/22 and is already under contract for purchase.
The FHA concentration in The Hamlet is 22%, which further demonstrates Peter’s inherent understanding that without an FHA condo approval, it is very difficult to sell units.
Peter was so thrilled to have received the recertification as a result of our service, he wrote the following recommendation for us on 2/11/2014:
” I am the current President of The Hamlet of Enfield and for the past two years our condominium site has been able to sell condominiums on a regular basis because we are FHA approved.
“I am sure many of you are skeptical and blame FHA loans for some of the foreclosures since the real estate crisis affected all of our complexes. The new FHA loan process is very difficult for buyers and benefits condominium associations so I would encourage all Presidents to reevaluate allowing FHA buyers in your complex if you decide against it in my opinion you would be doing a disservice to your association.
“Eric Boucher is an expert in this field and interacts with HUD on a regular basis. I found Eric to be honest and he knows how to get an approval which is extremely difficult and time consuming but Eric deals with it all and made me look very smart for giving him the opportunity. I strongly recommend Eric Boucher to all condominium associations that are attempting to become FHA approved. His knowledge of the process and honesty with his clients are as good as it gets.
Photo credit: CTMLS
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 firstname.lastname@example.org or call me at 404-433-4565. I will be happy to answer any of your questions.
FHA/VA Condo Approval Specialist
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Check out our article in Common Interest magazine on page 19!