Re: Petition for FHA & Other FHA refusals | <– Date –> <– Thread –> |
From: R Philip Dowds (rpdowdscomcast.net) | |
Date: Fri, 28 Mar 2014 07:45:59 -0700 (PDT) |
Seems like the FHA is a little out of touch with the concept of public service. This is what gives government a bad name. On Mar 28, 2014, at 7:58 AM, Diana Carroll <dianaecarroll [at] gmail.com> wrote: > I'm one of the main folks in our community that deals with getting > mortgages for our buyers. Unfortunately, we have never succeeded in > getting an FHA mortgage for any of them. Most Mosaic Commons purchases > fail their "test" in many regards -- some of our units are deeded > restricted/affordable, which FHA won't do. (which is its own aggravating > issue, since the charter of their loan program is to make housing > affordable to the exact people that our affordable homes are built for). > And many of our units over the cost FHA allows, or the buyers are over the > income limits. > > But we have had a couple buyers who in theory would have qualified, so we > did look into it. > > In order to get an FHA loan, your association needs to be approved. It > used to be you could get a one-off "spot approval" but they removed that > option a few years ago, so now you need to go through a certification > process. FHA approval is not guaranteed, and they aren't required to tell > you the reason for non-approval. > > I had several illuminating conversations with the Mass Housing Authority > and other agencies in our area that help with financing for low/moderate > income buyers -- and a couple indicated "off the record" that FHA had a > policy of denying applications on which the word "cohousing" appeared. > > We did try to contact FHA directly to ask, but I was never able to actually > get in contact with someone above the level of "grunt" who just said "Apply > for approval and let's see what happens". (Downside being: process is > expensive and time consuming!) > > So...we never went through the expense/trouble of applying. > > So I'm not sure you are going to get certain verification that FHA has a > policy against cohousing. It might be more instructive to ask on this list > if anyone HAS gotten FHA approval for their association. > > Diana R Philip Dowds Cornerstone Village Cohousing Cambridge, MA
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Petition for FHA & Other FHA refusals Sharon Villines, March 27 2014
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Re: Petition for FHA & Other FHA refusals Diana Carroll, March 28 2014
- Re: Petition for FHA & Other FHA refusals Diana Carroll, March 28 2014
- Re: Petition for FHA & Other FHA refusals R Philip Dowds, March 28 2014
- Re: Petition for FHA & Other FHA refusals Patricia Lautner, March 29 2014
- Re: Petition for FHA & Other FHA refusals David L. Mandel, March 29 2014
- Reverse Mortgages [Petition for FHA & Other FHA refusals] Sharon Villines, March 30 2014
- Re: Reverse Mortgages [Petition for FHA & Other FHA refusals] R Philip Dowds, March 30 2014
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Re: Petition for FHA & Other FHA refusals Diana Carroll, March 28 2014
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