FHA/VA Condo Project Approvals

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March Madness Contest Round 5 - The Finals After a hard-fought round 4, we now have the final two competitors remaining in the competition.  The final results are in and can be found here or in .pdf format here. The Midwest-West battle was poised to be a tough one, and it didn’t disappoint.  Mich...
March Madness Contest Round 4 - Final Four Well, here we are folks...down to the final four remaining competitors.  It was a great round with a couple of close match-ups that were decided by 4 or fewer comments.  Make sure to visit the competitors’ blogs over the next couple of days and show your...
March Madness Contest Round 3 - Elite 8 Well, it was another thrilling round with a couple of very close match-ups! The closest was between Michael Jacobs and Dick Greenberg.  They were tied with 35 unique comments apiece but Michael won the tie-breaker by collecting 13 “Likes” to Dick’s 11. I di...
March Madness Contest Round 2 - Sweet 16 The results are in and are posted in here or in .pdf format here.  I want to thank Jon Kolsky for double-checking my numbers. There were a couple of close match-ups this round.  The closest of which was Nina Hollander and Dick Greenberg.  After counting an...
Condo Unit Financing Almost Killed Due to Reserve Contribution Last week a loan officer friend of mine contacted me regarding a loan he had in  process.  At the 11th hour, the lender was rejecting the conventional (Fannie Mae) loan based on the association’s contribution to the reserve account.  ...
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...

Eric Boucher

The FHA/VA Condo Project Approval Guy
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