Re: Make FHA Loans possible for cohousing? | <– Date –> <– Thread –> |
From: Kathryn McCamant (kmccamantcohousing-solutions.com) | |
Date: Wed, 8 Jun 2016 10:36:01 -0700 (PDT) |
RE: FHA Project Approval I know that both Wolf Creek Lodge, in Grass Valley, and Nevada City Cohousing (legally Broad Street Commons) have FHA project approval, specifically for the purpose of allowing their existing owners and buyers to get reverse mortgages. For both of those, I worked with National Condo Advisers to assist getting the Project Approval, and I would highly recommend you work with them. They understand to process, and if you hit hang ups, they can help you sort out what is really the issue and how you might resolve them. 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 Karens works on projects all over the country, and is quite familiar with cohousing. They can also assist with any other project approvals that help people get competitive mortgages (Fannie Mae, Veterans, etc). Regarding your last question, cohousing is not a legal structure but rather a type of community. Most, but not all, cohousing communities are condominium associations but they can also be coops, PUD or single family house developments. Those of you who read this list regularly will remember that Alice Alexander of the National Cohousing Association recently posted information about an effort I have been working with the Association on to lobby FNMA and FHA/HUD to include cohousing in their underwriting guidelines. These are the kind of national issues that it is particularly helpful to have a National Association to work with, so I hope all of you are strong supporters (time and money!) of www.cohousing.org. Tp learn more about our lobbying effort, see Visit Cohousing Seeking FNMA + FHA-HUD Support http://www.cohousing.org/FNMAandFHA-HUDSupport Katie Nevada City Cohousing, in the Sierra Foothills -- 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 6/8/16, 7:28 AM, "Cohousing-L on behalf of STEPHANIE FASSNACHT" <cohousing-l-bounces+kmccamant=cohousing-solutions.com [at] cohousing.org on behalf of fassnach [at] ssc.wisc.edu> wrote: > >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 > >_________________________________________________________________ >Cohousing-L mailing list -- Unsubscribe, archives and other info at: >http://www.cohousing.org/cohousing-L/ > >
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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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