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DO ALL THE CONDO OWNERS HAVE TO SIGN OFF ON FHA APPROVAL DOCUMENTS BEFORE THE UNITS ARE MADE FHA READY?

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


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 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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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 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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