Make FHA Loans possible for cohousing?
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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