Cohousing-L Mailing List: Re: FHA approval: yes or no?

[Ken Winter (ken]

*I'm forwarding this note from the person who honchoed our getting FHA
cert.*
*~ Ken, Sunward Cohousing*


Sunward Cohousing decided about 3 1/2 years ago to go for FHA
certification.  The cost was $1600 for the lawyer plus the effort of
amending our Bylaws and getting all the info together.  The Bylaws
amendment brought them a little more into agreement with state law but
mostly gave mortgage holders a few more rights.  Renewing approval last
year was easier because I knew how to get the needed info together for the
lawyer (cost $1000).

I do not know if anyone has actually used the low down payment feature
yet.  I found it convenient when preparing information for mortgage
companies for prospective buyers to be able to cite our FHA project number
as evidence of financial stability.  I am not aware of any disadvantages
from FHA certification.

Bob Bailey