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Tag Archives: approved

Sellers should ensure that condo projects are on approved list for FHA mortgages

News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network

Reporting from Washington – Condominium owners who are trying to sell in today’s agonizingly slow housing market should make sure that their community is on the Federal Housing Administration’s approved list. Ditto for someone who is thinking about refinancing a condo.
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Selling a condo? Better hope it’s on the ‘approved’ list

News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network

Question: I own an apartment in a condominium development that I am trying to sell. I have a potential buyer who wants to use an FHA loan because of its low down-payment requirements, but he says my project is not on FHA’s “approved” list.
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Handling HOA business by e-mail

Q: Can the board of an HOA handle any items via e-mail and have those acceptable as legal actions? I am wondering if the approval of meeting minutes can be handled via e-mail rather than waiting for the next meeting. If so, they could then be posted on our Web site and not be held up for the next meeting’s action.

If your HOA is organized as a nonprofit corporation as most are, it is governed by the N.C. Non-Profit Corporations Act (Chapter 55A of the N.C. General Statutes). The laws authorize a board to take action by majority vote at a board meeting.There is no substitute for the open exchange of ideas that occurs at a face-to-face board meeting. However, in recognition of the fact that decisions sometimes need to be made between regular board meetings, the laws also authorize the board to take action without a meeting, provided there is unanimous written consent of the directors.

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