Name
Eric Boucher - The FHA Condo Approval Guy
Company
Integrated Processing Solutions
E-mail
Contact Eric Boucher - The FHA Condo Approval Guy (Integrated Processing Solutions)
Website
http://www.fhacondoapprovalspecialists.com
Cell Phone
(404) 433-4565
Fax
(860) 647-8940
Address
110 Main Street, Manchester, CT, 06042
Description
Formerly an FHA loan originator, I consult to condominium associations to aid them in obtaining and maintaining their HUD/FHA approvals.

How I Can Help Get Your Condo Complex Approved for FHA Loans

I sort of "fell" into this role as an FHA Condo Approval Specialist when working for my former employer, Right Trac Financial Group in Manchester, CT.  In 2009, I was a Government Loan Originator with Right Trac and I regularly kept up with changes to government loan programs.  When HUD's new condominium rules were released in November 2009, I immediately familiarized myself with the changes.

In March 2010, once the "spot approval" process was eliminated, complexes that were not approved by HUD were deemed ineligible for FHA financing.  Within Right Trac, there were several borrowers who were not able to obtain FHA financing because the complexes were not on HUD's approved list.

This is when I was approached by my former boss, Joe, who inquired with me what I knew about the HUD approval process.  After speaking with him for several minutes, he asked that I work with these complexes to help them obtain their HUD approvals.  He began to put me in contact with condominium associations in non-approved projects to aid them in obtaining their HUD approvals.  He has become so impressed with my work in this area that he even recently wrote an article about my services!

From there, I posted a couple of blog articles on ActiveRain.com about the changes HUD had made to the condominium approval process and why it is important for condominium projects to become approved with HUD.  This led to a wave of incoming inquiries from all across the country about the approval process and requests for services to aid in the approval process.

Making the transition from a Government Loan Originator to an FHA Condo Approval Specialist was fairly easy as the work is essentially the same, only the paperwork is different.  I collect the necessary documentation required by HUD, review the paperwork, assemble a file and send it to HUD for approval.  Working with HUD during the approval process is very similar to working with lenders to get borrowers' loans approved, a process that is very familiar to me.

In addition, I maintain records of all paperwork provided to HUD, establish myself as the contact point for HUD and keep a database of the expirations of approved projects in order to avoid a lapse in their approvals.

During the past year, I have worked with dozens of condominium associations in 6 different states to aid them in either obtaining their HUD approvals or maintaining their projects on the HUD approved condos list.

Why All The Talk of HUD Condo Approvals?

In November 2009, HUD instituted major changes to their Condominium Project approval process and how it will maintain the approval list moving forward.  Because of this, several aspects changed including:

•·     HUD now requires all approved projects to be recertified every two years

•·     FHA loans are no longer available in projects that are not on the HUD approved condos list

•·     USDA loan are no longer available in projects that are not on the HUD approved condos list

•·     Certain state-specific loan programs now use the HUD approved condos list

•·     "Spot Approvals" were elimnated

Working as a Government Loan Originator the past several years has created a great appreciation for loans for first-time homebuyers, which are primarily government loan programs.  When a condominium project is not approved by HUD, these highly desirable programs are not eligible in that project.  The side effects of this are decreased property values within the project and limited available properties for the new homebuyer.

Many times, this can be remedied easily by obtaining a condominium approval through HUD.  The process is not difficult if you have a working knowledge of the rules and the required paperwork.

HUD is not notifying condominium projects of these recent changes nor does it alert projects of their upcoming approval expirations.  Because of this, I have received several calls from Associations in a panic because their approvals had expired or were on the verge of expiring.

The services that I provide are extremely valuable in that the process can be overwhelming for Associations and management companies.  In fact, in a recent conversation with a project reviewer at HUD's Philadelphia Homeownership Center, he remarked that knowledgable consultants such as me are becoming more valuable as HUD's guidelines have become tighter and more complex.

My ultimate goal is to work diligently at making the process simple and straightforward thereby relieving much of the anxiety surrounding this new process.  My process for gathering documentation and information from Homeowner's Associations and management companies greatly reduce the amount of time and energy each need to spend in order to complete the process.

Customers Whom I Have Helped To Obtain HUD Condo Approvals

"We have recently had the good opportunity to use Eric Boucher from Integrated Processing Solutions to secure an FHA approval for one of the condo complexes we manage.  Eric Boucher, the FHA condo approval specialist was great.  Eric did everything he promised to and in the exact time frame that we expected.  The Fox Hill Condo Association was so thrilled to get the good news so quickly.  We at G&W Management Inc. would highly recommend using Eric Boucher." ~ Mike and Chrystal, G&W Management, Inc.

"I wanted to take a moment to write of my appreciation for the work that Eric Boucher of Integrated Processing Solutions has done for a number of clients that I manage through Elite Property Management.  His efforts to get the condominium associations FHA approval were greatly appreciated.  I would surely recommend Eric Boucher to provide this service for any association in need of gaining FHA approval." ~Michele, Elite Property Management

"As a past customer of Eric Boucher, I am pleased to recommend his services.  Eric was indispensable in assisting our condominium association with obtaining FHA approval.  The process was much more detailed and rigorous than I and the other board members had initially thought.  Eric provided us with an easy to use checklist and list of documents required to submit the correct packet of information to the U.S. Department of Housing and Urban Development.  Since our association was unfamiliar with the process, we had numerous questions, and Eric was responsive to our inquiries regarding the materials we needed to put together." ~Jennifer, 1776 TownHomes, Ellington, CT

"The accuracy and completeness of the checklists and guidance that Eric has to offer turns the FHA approval process from a daunting, seemingly endless task into a mere couple of days of paperwork gathering and mailing.  My Condominium Association was approved by the FHA on first glance with only a few minor follow-up questions from the FHA due to Eric's assistance in the process." ~Brian, Quonnipaug Hills Section III, Guilford, CT