|Re: National Condo Advisors, FHA Recertification||<– Date –> <– Thread –>|
|From: Kathryn McCamant (kmccamantcohousing-solutions.com)|
|Date: Mon, 15 Aug 2016 10:50:30 -0700 (PDT)|
At Nevada City Cohousing, we just got FHA Project Approval last year, 10 years after moving in. We did it so that our members can get reverse mortgages, with the added benefit that it opens up the potential of 3% down payments (particularly helpful for young families). Another added benefit is that when you tell any lender you have FHA Approval (and they can easily find in on the FHA website), it is a confirmation that they can offer standard competitive mortgages. We used National Condo Advisers to assist us with getting the project approval. I thought we would have to change more of our (now 10 year old, pre-recession when all the rules got rewritten) HOA documents, but we didn’t and it went thru relatively easily. FHA Project Approvals are only good for 2 years, so I would suggest you plan for re-upping regularly once you done it. To find out more, I would recommend contacting: (I think you at Germantown worked with her before on your initial Fannie Mae approval?) 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 8/13/16, 8:45 AM, "Cohousing-L on behalf of Rita Bullinger" <cohousing-l-bounces+kmccamant=cohousing-solutions.com [at] cohousing.org on behalf of ritabullinger [at] gmail.com> wrote: Hi, as a member of Germantown Commons, Nashville, I’m writing to ask for others’ input and experience regarding FHA certification and recertification. Please write and let me know if your community is FHA certified or recertified. I would be interested to know why your community sought certification or did not seek to be certified by FHA. I’m also curious if any cohousing communities have any experience in FHA recertification and how you went about doing that? My mailbox is empty. I just retired and need stuff to do so all responses welcome! :-) Thanks so much! Rita Bullinger _________________________________________________________________ Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://www.cohousing.org/cohousing-L/
National Condo Advisors, FHA Recertification Rita Bullinger, August 13 2016
- Re: National Condo Advisors, FHA Recertification Kathryn McCamant, August 15 2016
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