FHA/VA Condo Project Approvals

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March Blogging Madness Contest - Round 1 Thank you all for submitting your articles.  Because we had 33 participants we created a 32-person bracket which you can view here or if you prefer the .pdf version you can use this. Round 1 looks like this… West Jon Kolsky vs Chris Webb Christine Donovan ...
March Madness Contest Hello all!  March is upon us and for those who live in snow regions know that spring is around the corner.  Those of us in the Northeast wish that it would come very quickly this year! But for much of the country, it’s March Madness time and even those who don’t watch or fol...
Importance of 10% Reserve Contribution to Condo Unit Financing If you know anything about FHA condominium project approvals, you know that it requires that associations annually contribute 10% of its budget to a reserve fund.  This account must be held separately from the operating account.  But ...
Fannie Mae Reintroduces 97% Financing for Condominium Units Last week Fannie Mae announced the reintroduction of 97% financing for single-family homes, PUD units and condominium units.  This program would compete directly with FHA 96.5% financing...or will it? From our experience, when Fannie Mae...
97% Financing - Fannie Mae Releases Selling Guide 1.27.15 Fannie Mae released its updated version of the Selling Guide on January 27, 2015.  The majority of the changes stem from its earlier announcement to reintroduce 97% financing for single-family homes.  It had previously capped the loan-to-v...
What Does Undivided Ownership Interest Mean? Probably one of the most distinct features of condominium ownership lies in the concept of “undivided ownership interest” of the common elements.  All unit owners as members of the condominium’s association share ownership of the common elements. First...
FHA Announces Reduction in Monthly Mortgage Insurance On Friday, December 9, 2015, HUD released Mortgagee Letter 15-01 which announced a 0.50% (50 bps) reduction of the FHA monthly mortgage insurance on most forward mortgages with terms greater than 15 years.  This comes on the heels of months of...
Why Do I Keep Hearing About 24CFR203.41? After working with FHA Condominium Project Approvals even for a short time, you will run into a condominium’s legal documents that violate 24CFR203.41.  This section of the Code of Federal Regulations relate to the exemptions of what is called “free assuma...
This Leasing Restriction Will Prevent FHA Condo Approval I recently fielded a referral from a reverse mortgage broker.  His client lives in a condominium and cannot obtain a reverse mortgage due to the condominium not being on the FHA Approved Condominiums list.  He contacted me to see if we coul...
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 budge...

Eric Boucher

The FHA/VA Condo Project Approval Guy
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