Make FHA Loans possible for cohousing? | <– Date –> <– Thread –> |
From: STEPHANIE FASSNACHT (fassnachssc.wisc.edu) | |
Date: Wed, 8 Jun 2016 07:28:06 -0700 (PDT) |
Hello, I am forwarding this message on behalf of my neighbor and fellow member of Village Cohousing. Stephanie Fassnacht Begin forwarded message: From: Prudence Barber <prudenceb [at] charter.net<mailto:prudenceb [at] charter.net>> Subject: Make FHA Loans possible for cohousing? Date: June 7, 2016 at 1:42:39 PM CDT To: STEPHANIE FASSNACHT <fassnach [at] ssc.wisc.edu<mailto:fassnach [at] ssc.wisc.edu>> Dear Cohousing Friends - I want to continue to live in my condo at Village Cohousing in Madison, WI. My case now is that if I can get a reverse mortgage, I can stay. But reverse mortgages are only possible as FHA loans. This means there has to be HUD/FHA approval of the condominium association. So, I'm asking: 1. Does your cohousing association have FHA condominium approval? 2. Does any cohousing association that you know of, have FHA condo approval? 3. Do you have any opinion or suggestion about getting HUD/FHA certification for an association? 4. Do you know anybody who does or has done the certification process? 4. Is there a legal difference between a condo association and a cohousing association? Real advantages of having FHA approval are increased financing options for prospective buyers and the realtors who recommend us, and the offer of more certainties with regard to the location, properties, and conditions. As for the cohousing associations, we'd have to have our information organized and up-to-date, which hopefully we usually do anyway. Prudence Prudence Barber 124 Mills St. Apt. A Madison WI 53715 608-251-0852
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Make FHA Loans possible for cohousing? STEPHANIE FASSNACHT, June 8 2016
- Re: Make FHA Loans possible for cohousing? Kathryn McCamant, June 8 2016
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