Part of the challenge that I face is effectively demonstrating to condominium Boards of Directors the need to obtain and maintain their FHA condo project approvals. I spend hours every month compiling MLS data to show that units in FHA-approved projects sell rather than expire and sell faster than those in non-FHA projects.
This is why I really appreciate hearing stories from real estate agents who can relate first-hand knowledge of this experience.
Maria Gilda Racelis is a real estate broker in my area in Connecticut. Recently, she listed a condominium unit in the rural town of Ellington. Fortunately, the condominium project is approved with FHA which makes available low- and no-downpayment loans such as FHA, CHFA and USDA.
As a result, her listing sold in 5 days! Thank you Maria for posting this fantastic success story.
This End-Unit Condo is located in Ellington Ridge- an FHA-approved Complex. There is indeed a benefit when a Condo Complex is FHA-approved. Most First-Time Home Buyers ideal option is an FHA loan because of lower down payment.
The Town of Ellington CT is nestled in the Connecticut River Valley and set against the backdrop of the Shenipsit State Forest. With over 3,000 acres under cultivation, Ellington remains one of the largest agricultural production towns in Connecticut. Ellington has a population of 15,856 and it covers 34.6 sq. miles in Tolland County.(Source: Town of Ellington)
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!