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do all condo owners have to sign off on FHA approval docs prior to making the condos FHA available?

by nrp579285 from Lawrence, Massachusetts. Mar 19th 2015 Reply


the correct email address is nrp579@hotmail.com, not the one listed under the question

Mar 19th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

NO, the other owners are not allowed to restrict how you sell your property, however the complex managers must sign to allow FHA.. and their CC&R's must conform to FHA standards to allow FHA financing.. This is usually the biggest hurdle.. if the CC&R's do not conform, then they must be rewritten to conform to FHA standards.. This usually entails hiring an attorney, and there are costs involved.. so the project manger might not allow it for that reason.. but regardless, the project has to be FHA approved to obtain FHA financing.. In fact, all conforming loan products require a "Condo Questionnaire", and depending on the responses on this document will determine whether or not it can be financed using conforming loan products.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 19th 2015
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Scott Murphy (scottmmurphy)
#22 ranked lender in Massachusetts - 15 contributions

No. FHA approves your community. Your community doesn't approve FHA. The way to get your association approved for FHA financing is to have the person(s) in your community fill out and return FHA's paperwork to HUD/FHA. Your community will have an association and possibly a management company. Someone in your association or the management company would be likely be responsible for handling this type of paperwork and his/her signature will be required on the approval docs and no one else's. Having your community approved for all types of financing including FHA is important because it allows all buyers access to purchasing property in your community, which in turn protects property values. For many low down payment buyers, FHA is their only option. And if FHA is their only option, and your community is not HUD/FHA approved, then those buyers will have to find another property which does qualify for FHA financing. And that would create downward pressure on home values in your community because there will be fewer actual buyers available. So in summary, getting and maintaining HUD/FHA approval on your community is a MUST, and you need to hold your association and/or management company accountable for completing and maintaining the necessary paperwork with HUD. If you need help I'm local in Tewksbury @ 781-258-1293. ~ Scott

Mar 19th 2015
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Robert Oliveira (roberto)
#13 ranked lender in Massachusetts - 89 contributions

The Condo must conform to FHA standards and most do it depends on the complex and the association and the budget reserves. I have gotten a few complex approved over the past few years now. Not really hard to do just paper work. Call me Rob Oliveira Province Mortgage Assoc. 508 802 0935 robertoliveira51@gmail.com

Mar 19th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,112 contributions

No, not at all. The HOA has to be willing to go through the process and provide all the necessary documents required by FHA/HUD.

Mar 21st 2015
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