Cohousing-L Mailing List: Re: FHA Condo-Approval

[Christine Johnson (manzjohnson]

Sharon Villines, wrote:

> > We hired a company in Seattle that specializes in getting approvals  
> > for condos, Home Advantage Group, for $500. Our Admin Team asked  
> > around and this was considered a reasonable fee, particularly since  
> > we don't pay if we aren't approved.
>
> I forgot to mention that our lawyer, whom we like a lot, would have  
> charged us $2,500. So shop around.

Another consideration before anyone is tasked with spending the time  
required, is to review current and rules pending on FHA's  
qualifications.  Home Advantage Group's fee $500 sounds like a good  
deal compared to their competitors.  Home Advantage Group may however,  
be able to come in at this low rate because the client is doing a good  
part of the work which Home Advantage Group orchestrates.

There are in addition, pros and cons to qualifying.  For my own  
community, the good news/bad news is that because of the percentage of  
investor owned property in the COA, we are not eligible for FHA  
financing.

The Community Associations Institute has quite a lot of detailed  
information at:  http://www.caionline.org/govt/MortgageMatters/FHA/Pages/default.aspx

Christine Johnson
Stone Curves Cohousing
Tucson, AZ 
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