Re: Make FHA Loans possible for cohousing?
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/
>
>


Results generated by Tiger Technologies Web hosting using MHonArc.