Tag Archives: approved

FHA Certification – Mortgage Squeeze

Condominiums are feeling the pinch of the Federal Housing Administration’s new certification requirements as many find themselves ineligible for FHA approval.  That’s left owners and buyers without the option of cheaper FHA mortgages.

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Who should pay assessments on lots?

Q: Our development was approved by the county planning department in late 2000, but didn’t actually break ground until 2003. Once the HOA was created, assessments were levied on individual lot owners, but the developer has never paid assessments for any of the undeveloped lots that it owns.

Further, the developer holds two of the three seats on our…

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FHA Fact Sheet

1.  If it isn't an FHA loan being used to purchase a unit, chances are the buyer is an investor.  Because over 80% of buyers are now using FHA loans, the remaining buyers are usually investors who cannot use an FHA loan to purchase.  An...

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Five Questions for The U.S. Department of Housing and Urban Development

In December, Federal Housing Administration approval of condominiums began to expire.  FHA approved mortgages account for an estimated 40 percent of financing in condominiums.  Without FHA approval, owners may have a hard time selling their units.  HUD is administering the new approval process and insurance requirements, which are set forth by Mortgagee Letter 2009-46 B.

 

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