Many planned communities, townhome communities, and condominiums (collectively, "Associations" since they are nearly universally governed by one) have restrictions that either prohibit or limit the number, size, and type of pets that can be kept within the community. In general, as long as a restriction...
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FHA LEASING REFRESHER
FHA Condominium Certifications: The Requirements and Prohibitions
Introduction
The Federal Housing Administration (“FHA”) is a government-owned insurance company that insures home loans for buyers who cannot afford a conventional down payment or prefer to use their available funds in other ways. In other words, a FHA backed loan allows a home buyer to purchase the home with a smaller down payment than other...
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Condominiums Spent Budgeted Reserve Contributions Elsewhere
In recent months while assisting condominiums to get certified and recertified with FHA, we are running into an issue that is a fairly simple one to avoid. We make it a point to remind our clients to contribute at least 10% of the budget to the reserve account annually. Not only does FHA require this,...
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