site condominiums: FHA Condo Approvals – Recent Email Inquiry: Site Condominiums
- 06/14/13 01:04 AM
FHA Condo Approvals – Recent Email Inquiry: Site Condominiums Here is another recent email inquiry from a gentleman attempting to purchase a Site Condominium with an FHA loan and was encountering troubles. He asked questions pertaining to the HOA paying for the insurance of the units and if it would make a difference if the unit owner has HO6 insurance. Eric, I am going through escrow on a property that is a site condo. I had questions on one of the requirements. The HOA currently procures the insurance and organizes landscaping but it is funded through HOA dues. Does this mean that (1 comments)
site condominiums: FHA Condo Approvals – Clarification of “Site Condominiums”
- 08/19/11 07:15 AM
FHA Condo Approvals – Clarification of “Site Condominiums” Prior to the release Mortgagee Letter ML11-22, HUD had exempted so-called “Site Condominiums” from the requirement to become approved in order for FHA financing to be allowed within the project. ML11-22 clarified what a Site Condominium is in order for it to not be required to obtain HUD’s approval. Site Condominiums are condominium projects that meet ALL of the following requirements: Units are encumbered by a condominium declaration/covenant or condominium form of ownership. Units are single-family and completely detached from each other. This includes garages, archways, breezeways/porches/decks or any other attached buildings. A (1 comments)