|Recent FHA Project Approval?||<– Date –> <– Thread –>|
|From: lamaiacoleman [at] yahoo.com (lamaiacolemanyahoo.com)|
|Date: Mon, 24 Aug 2020 15:54:42 -0700 (PDT)|
At Southside Park Cohousing in Sacramento, CA, we are trying to obtain FHA project approval so that members can access reverse mortgages and buyers can get FHA loans. We've run into problems on a couple of grounds, with our accounting being one of them. We use single entry, cash basis accounting. We're trying to figure out if we moving to a double entry, accrual basis is required or if a lower bar fix will work. For coho's with recent FHA approvals, do you use cash basis or accrual basis accounting? Also, do you use single or double entry?Finally, does anyone happen to know the charge directly from HUD for FHA approval and / or re-approving?Thanks!Lamaia Coleman
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