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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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New Federal Lead Based Paint Rules

New Federal Lead Based Paint Rules
Houses/Units built before 1978 could contain the toxic metal

  • If your home or building was built before 1978, it likely falls under the new federal lead law, which applies if more than 6 square feet of lead paint is disturbed.  The HOA can decide to assume lead is present, or you our your contractor can test for lead with an EPA-approved lead test kit, available at most hardware stores.  Or you can hire a certified professional to do the test.  
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