|Re: FHA loans for cohousing members and HOA docs||<– Date –> <– Thread –>|
|From: Kathryn McCamant (kmccamantcohousing-solutions.com)|
|Date: Wed, 20 Jan 2016 20:17:09 -0800 (PST)|
RE Fannie Mae, FHA or VA approval process. Since the recesion, all of these approval processes have been revamped and are much more important for getting competive mortgages. At the least you want, and your construction lender my require, Fannie Mae Project Approval. You may also want to get FHA-HUD approvals that allow for reverse mortgages and lower downpayment loans. I have found it very helpful to work with National Condo Advisers to get these approvals. They have now worked with quite a few cohousing groups. They keep apprised of changes coming down the pipeline out of these agencies, and have their own in-house legal department to review and make sure your HOA documents conform. If you hit any issues with approvals, they have contacts to help get things sorted out. I have found them particularly helpful in talking with my construction lenders to assure them that you can get FNMA approval. They even attended the National Coho Conference in Durham! Contact: Karen Sheppard <karen [at] nationalcondoadvisors.com> Sr Compliance Analyst Condo and Co-op Project Approval and Compliance Fannie Mae PERS | FHA | Non-Warrantable/Portfolio National Condo Advisors, LLC 777 Westchester Avenue Suite 101 White Plains, NY 10604 888-726-6361 extension 302 www.nationalcondoadvisors.com Katie -- Kathryn McCamant, President CoHousing Solutions 241B Commercial Street Nevada City, CA 95959 T.530.478.1970 C.916.798.4755 www.cohousing-solutions.com On 1/19/16, 5:16 PM, "Cohousing-L on behalf of Versgrove, Mary Beth" <cohousing-l-bounces+kmccamant=cohousing-solutions.com [at] cohousing.org on behalf of mb-versgrove [at] uiowa.edu> wrote: > > >I interested in learning from any co-housing community which has had >experience with members going through conventional mortgage approval, i.e. >FHA, Fannie Mae or Freddie Mac process. Is this something other >communities are offering? > >We are currently accruing members at >Prairie Hill in Iowa City, Iowa and curious to know what other communities >have learned in regard to these approval processes. > >Also I understand that Homeowners Association docs are required for the >process. Our community needs to develop a draft HOA document and I am >interested to know if there is a good way to begin this seemingly >enormous task. (I was drafted!) > >Any assistance would be much appreciated. Please feel free to e-mail me >directly if you wish. >Thank you. > >Mary Beth Versgrove >Iowa City Co-housing at Prairie Hill > >_________________________________________________________________ >Cohousing-L mailing list -- Unsubscribe, archives and other info at: >http://www.cohousing.org/cohousing-L/ > >
FHA loans for cohousing members and HOA docs Versgrove, Mary Beth, January 19 2016
- Re: FHA loans for cohousing members and HOA docs Kathryn McCamant, January 20 2016
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