FHA/VA Condo Project Approvals

FHA Condo Approvals – FEMA Letter of Map Amendment In working with HUD to get condominiums approved, I have encountered many different levels of scrutiny amongst the project reviewers.  Some are more lenient with budgets than others; some want very explicit explanations regarding outstanding loan...

FHA Condo Approvals – Subjectivity in Project Approvals   In working with HUD over the years, I have noticed quite a range of strictness among the project reviewers.  In fact, there is one project reviewer in a Homeownership Center (HOC) with whom I hope my files are not placed! Different reviewe...

All You Need to Know About FHA “Site Condos” Site Condos in Suffield, CT One of the most common inquiries I receive about FHA condo approvals is about “site condos”.  The primary reason for this is that FHA treats detached condominium projects that meet certain criteria differently than attached ...

Is a Right of First Refusal Acceptable to FHA? In processing applications for FHA condominium project approvals, it is not uncommon to find legal documents that have a Right of First Refusal.  Often, I have been asked by Board members and property managers if this deed restriction is acceptable t...

What is a Multi-Unit Condominium? As part of our upfront due diligence process to pre-qualify potential clients for FHA and VA Condo Approvals, we ask if the project contains multi-unit condominiums.  This is a confusing question since a condominium project contains multiple units. A multi-unit c...

How Long Does it Take to Obtain an FHA Condo Approval? Although I receive this question almost on a daily basis, I haven’t taken the time to write it all down.  Scott Godzyk’s article How LONG will it take a home to SELL if it is listed today? inspired me to commit my response to writing. As with...

I Unplugged Yesterday This is a rarity for me as I don’t find it easy to take time off these days.  For the past few years, I had been operating as a one-man show.  If something needed to be done, I would do it.  In that set-up, it’s tough to take a day off without thinking that I might miss a ca...

Two FHA Handbook Sections Released for Public Comment Currently, the Federal Housing Administration (FHA) is compiling a single comprehensive handbook called the Single Family Housing Policy Handbook.  When completed, it will detail all FHA Single Family housing policies such as lender compliance...

Hamden Connecticut Condo Sales As part of my marketing efforts, I work to compile data for condo sales in various towns in Connecticut.  I try to pick towns that have a lot of condominiums to provide comparison data between projects that are FHA approved condos and those that are not. Hamden CT C...

Reverse Mortgage (HECM) New Principal Limit Factors Yesterday, FHA released Mortgagee Letter 2014-12, Home Equity Conversion Mortgage (HECM) Program: New Principal Limit Factors in which it has revised the Principal Limit Factors (PLF).  This letter provides guidance which supersedes that contain...