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

[Kay Wilson Fisk (caseyjackets]

I read something recently that claimed that if you had FHA
approval, you couldn't amend your Declaration without FHA
approval. There were no details. Does anyone know anything about
this?

Kay
Meadow Wood
Bremerton, WA

-----Original Message-----
From: Christine Johnson [mailto:manzjohnson [at] netzero.net] 
Sent: Sunday, February 05, 2012 11:58 AM
To: cohousing-l [at] cohousing.org
Subject: Re: [C-L]_ FHA Condo-Approval


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.a
spx

Christine Johnson
Stone Curves Cohousing
Tucson, AZ
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