Cohousing-L Mailing List: Re: FHA financing for condos

[Kathryn McCamant (kmccamant]

THANKS  for sharing this Sharon. Very interesting. People sometimes think
that cohousing is the issue, but they don¹t realize that all mortgages got
much harder after 2008. We use to do ³spot² approvals for both FHA and
Fannie Mae loans in cohousingŠ.but those went away altogether. Its very
possible for cohousing communities to get Fannie Mae and FHA Project
approval, but you have to invest time and money to get the project
approval, and FHA approvals only last a couple of years and then you have
to do it again.  If you don¹t have many sales, its hard to justify.

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 11/22/15, 8:26 AM, "Cohousing-L on behalf of Sharon Villines"
<cohousing-l-bounces+kmccamant=cohousing-solutions.com [at] cohousing.org on
behalf of sharon [at] sharonvillines.com> wrote:

>
>The Washington Post had another article about the challenges of getting
>FHA financing in condos:
>
>The Nation's Housing: FHA eases rules on financing for condos, but maybe
>not enough
>by Kenneth R. Harney
>Real Estate   Saturday, November 21, 2015   page 12
>https://www.washingtonpost.com/realestate/fha-eases-rules-on-financing-for
>-condos-but-maybe-not-enough/2015/11/17/e1fab25c-8c8c-11e5-ae1f-af46b7df84
>83_story.html 
><https://www.washingtonpost.com/realestate/fha-eases-rules-on-financing-fo
>r-condos-but-maybe-not-enough/2015/11/17/e1fab25c-8c8c-11e5-ae1f-af46b7df8
>483_story.html>
>
>And an older one:
>
>The Nation's Housing: FHA rules for financing condo sales draw protest
>from 56 House members
>by Kenneth R. Harney
>Real Estate   Saturday, October 31, 2015   page 26
>https://www.washingtonpost.com/realestate/fha-rules-for-financing-condo-sa
>les-draw-protest-from-56-house-members/2015/10/27/f987fe56-7c07-11e5-afce-
>2afd1d3eb896_story.html
><https://www.washingtonpost.com/realestate/fha-rules-for-financing-condo-s
>ales-draw-protest-from-56-house-members/2015/10/27/f987fe56-7c07-11e5-afce
>-2afd1d3eb896_story.html>
>
>Sharon
>----
>Sharon Villines
>Takoma Village Cohousing, Washington DC
>http://www.takomavillage.org
>
>
>
>
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