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)