FHA/VA Condo Project Approvals

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Services for Real Estate Pros - ReadySetLoan Condo Team LLC
This is a must-read for anyone considering buying a condominium. When you are looking to buy anything, you always look at the pros and cons of your purchase. Whether it’s a new shirt (which color, etc) or a new car, you should look at both sides of the purchase. The same rules apply to the purcha...
New Level of Scrutiny in FHA Condo Project ApprovalsIn February, we were saddened to learn of the retirement of the Chief in FHA’s Philadelphia Homeownership Center (PHOC).  We had a great working relationship with her and had met her in 2014 at the Round Table sessions in Washington DC.  A few w...
"Your Association and the FHA - What's in it for me?" with Eric Boucher   Join Reserve Specialist Robert Nordlund of Association Reserves and Eric Boucher of ReadySetLoan in this straightforward discussion clearly outlining the benefits of becoming FHA approved and what it takes for your associa...
Trying to be Slick with Legal LanguageThe packages for FHA condominium project approvals include the management agreement between the association and the property manager.  Most of them are about 8-12 pages, cut-and-dry, very simple and very easy to read and interpret.  But there are some that ar...
6-Unit Condominium Approved with FHA in 9 DaysIn February, we were contacted by a unit owner in a 6-unit condominium in Chicago.  His condominium’s FHA approval was due to expire in June.  He had read my article about FHA concentration and had some questions.  After speaking to me, he said that h...
But the Master Association Has ReservesA few months ago, I received a phone call from a reverse mortgage loan officer regarding an association that was recently Rejected for an FHA Condominium Approval.  He said that he has clients in the community trying to get a reverse mortgage but can’t becau...
Can We Not Send that Document to FHA?We are currently processing a 2-year FHA recertification for a small 6-unit condominium.  It was approved with FHA in June of 2013 so it should be a piece of cake, right?  Well, maybe not…Our contact with the association hired us after reading a few of our blo...
No Pooled Insurance Without a Master AssociationThis may be one of those cases where FHA makes internal changes to its guidelines for condominium project approval and doesn’t tell anyone, which sometimes happens.  We who submit condominiums for FHA project approval often don’t learn about such in...
USDA Purchase Loans for Condo UnitsProbably the most under-utilized purchase loans for condominium units are those insured by the USDA.  Like the VA and FHA, the USDA Rural Development (RD) program is a home loan insurance that allows the financing of condominium units.One of the most important c...
Can Our Condominium Get FHA Approved Before Construction?Recently, I received a call from a developer in California who asked me at what point during construction is a condominium eligible for an FHA condominium project approval.  She has a condominium approved for development by the city but gro...

Eric Boucher

The FHA/VA Condo Project Approval Guy
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