Candlewood Village Condos in Enfield, CT - Approved with FHA
This morning, we received notice from FHA that Candlewood Village Condominiums in Enfield, CT, is now on the FHA Approved Condominiums List. FHA and CHFA financing options are now available for purchasing or refinancing the units in this condominium project.
Candlewood Village is a 112-unit condominium project located in a residential district off of Shaker Road roughly 1.5 miles to the East of Asnuntuck Community College. It is a quick 5-minute drive to the shopping centers in Enfield or to I-91, 25 minutes to Hartford and 15 minutes to Springfield, MA.
There are currently 2 units for sale in the condominium. One is located at 194 Woodside Crossing and is listed for $144,900. The other is a HUD Home listed for $127,800 and is located at 24 Woodside Crossing.
In the project, there is one investor that owns 13% of the units making an approval with FHA a necessity. FHA allows up to 50% of the units to be owned by one investor whereas Fannie Mae and Freddie Mac only allow one entity to own no more than 10% of the total number of units. Before this approval with FHA, financing a unit in this project was nearly impossible.
In the town of Enfield, there are currently only 2 condominium projects approved with FHA which is a total of 136 units that are eligible for FHA financing. We are in the process of assisting another project to obtain its approval with FHA which will add another 102 units. This should be completed by the end of the month.
Aerial view courtesy of Microsoft Corporation/Bing Maps
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
404-433-4565 Cell Phone
860-644-3772 Fax Phone
Check out our article in Common Interest magazine on page 19!