Cohousing-L Mailing List: Re: National Condo Advisors, FHA Recertification

[Kathryn McCamant (kmccamant]

At Nevada City Cohousing, we just got FHA Project Approval last year, 10 years 
after moving in. We did it so that our members can get reverse mortgages, with 
the added benefit that it opens up the potential of 3% down payments 
(particularly helpful for young families).  Another added benefit is that when 
you tell any lender you have FHA Approval (and they can easily find in on the 
FHA website), it is a confirmation that they can offer standard competitive 
mortgages. 

We used National Condo Advisers to assist us with getting the project approval. 
I thought we would have to change more of our (now 10 year old, pre-recession 
when all the rules got rewritten) HOA documents, but we didn’t and it went thru 
relatively easily. FHA Project Approvals are only good for 2 years, so I would 
suggest you plan for re-upping regularly once you done it. 

To find out more, I would recommend contacting: (I think you at Germantown 
worked with her before on your initial Fannie Mae approval?) 

Karen Sheppard <karen [at] nationalcondoadvisors.com>
Sr Compliance Analyst
Condo and Co-op Project Approval and Compliance
Fannie Mae PERS | FHA | Non-Warrantable/Portfolio

National Condo Advisors, LLC
777 Westchester Avenue
Suite 101
White Plains, NY 10604
888-726-6361 extension 302
www.nationalcondoadvisors.com


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 8/13/16, 8:45 AM, "Cohousing-L on behalf of Rita Bullinger" 
<cohousing-l-bounces+kmccamant=cohousing-solutions.com [at] cohousing.org on 
behalf of ritabullinger [at] gmail.com> wrote:

Hi, as a member of Germantown Commons, Nashville, I’m writing to ask for 
others’ input and experience regarding FHA certification and recertification. 
Please write and let me know if your community is FHA certified or recertified.

I would be interested to know why your community sought certification or did 
not seek to be certified by FHA. 

I’m also curious if any cohousing communities have any experience in FHA 
recertification and how you went about doing that? 

My mailbox is empty. I just retired and need stuff to do so all responses 
welcome! :-)

Thanks so much!
Rita Bullinger

 
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