FHA Condo Approval Specialist: Candlewood Village Condos in Enfield CT - Approved with FHA

Candlewood Village Condos in Enfield CT - Approved with FHA

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 enfield ct

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.

candlewood village aerial view

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 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

eric.boucher@readysetloan.com
ready set loan condo team

 

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 Check out our article in Common Interest magazine on page 19!

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Comment balloon 3 commentsReadySetLoan Condo Approval Team • January 09 2014 12:13PM

Comments

Eric getting condos FHA makes a lot of sense in many ways especially expanding the number of Buyer that will qualify to purchase.  More condo complexes need to go through the certification process, and hopefully 2014 will be the year many of them decide to do so.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 5 years ago

Congratulations on another successful approval. I'm sure the owner in the complex will benefit from this approval. Keep up the great work!

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) almost 5 years ago

George - it is so important to get approved with FHA.  If we keep spreading the word, 2014 will be a banner year for approvals.

Joe - thank you!  The most exciting part was before the approval, there were no typical financing options available here.

Posted by ReadySetLoan Condo Approval Team, The FHA/VA Condo Project Approval Specialists (ReadySetLoan Condo Team LLC) almost 5 years ago

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