|RE: FHA/FNMA project approval||<– Date –> <– Thread –>|
|From: Rob Sandelin (robsanmicrosoft.com)|
|Date: Fri, 10 Jun 94 15:58 CDT|
Judy Baxter, Monterey Cohousing Community, asked: My current question relates to the need/utility of getting FHA approval (or VA, FNMA, I don't know what else). For a while, we pursued this for, I think, two reasons: 1. ease of resale financing later 2. easier to get conventional financing w/ project approved. Has anyone out there been through this process? Any hints, war stories? Yeah, we went through it. For us it was really no big deal in that our attorney wrote up our condo declarations which had all the stuff which FMNA cares about. We have had five separate banks give mortgages at this point - all because we were FMNA approved. The paperwork for the application was handled by a bank, cost us like $1200, which we later got returned once we were approved, which was unexpected and was due to some policy change at the bank. We never had to do anything other than give the bank a copy of our condo declarations and they handled it from there. We got a letter about six weeks later stating that we were FMNA approved but no banks have ever asked for it, they have their own connections for that stuff I guess. It has been awhile but I seem to recall that our attorney had some connection to the FMNA review board for our area, like a friend or associate or something which may be why we passed so easily. We hired him because he was the best in our area, paid a pretty price for his services, but have had no legal hassles and actually because his reputation is good, it has helped us a few times just the fact that he drew up our legal stuff. So I guess the moral to the story is it pays to hire a good attorney, even if she/he isn't into cohousing.
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