loma: Really Big Deal or No Big Deal Challenge
- 12/02/13 12:09 AM
Really Big Deal or No Big Deal Challenge The Real Debbie Reynolds posted a very cool challenge for December called “A Really Big Deal or No Big Deal”. She has a knack for creating challenges that are fun and thought-provoking and this is no exception. I have been helping condominium projects to get approved with FHA since the end of 2009. During this time, I have helped more than 70 condominium projects to get approved. Every approval package that I have submitted to FHA has been approved or will be approved soon. I am quite proud of my track record but … (5 comments)
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 reviewers have different interpretations of HUD’s guidelines. Some of the requirements for project approval are inherently subjective, such as the financial viability. It doesn’t say that if a project has so much in reserves and posts a certain profit that it is viable. It also doesn’t say that if the HOA … (23 comments)
loma: FHA Condo Approvals – FEMA Letter of Map Amendment
- 07/11/13 02:40 AM
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 loans to the HOA. One recent example of this was regarding FEMA flood maps. According to HUD’s guidelines regarding condominium projects, if it is determined that one unit is in a Special Flood Hazard Area (SFHA), the entire project must obtain flood insurance in order to get on HUD’s approved condo list. [Note: the HOA must fund … (2 comments)
Really Big Deal or No Big Deal Challenge
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