FHA Re-Certification of Condo Project

FHA Re-Certification of Condo Project

 

Am I the only agent concerned about this new requirement?  If you are not aware, new FHA requirements are necessary to re-certify your condominium project.  This can be a lengthy process that will require numerous documents from the condominium management company.  I have asked several lenders to step up to the plate and get this done in my farm area of San Juan Capistrano, but did not have any takers until recently.

 

I guess I must be the only agent in town concerned about this.  Most of the homes purchased are either CASH or FHA financing.  Without the FHA financing I fear that the buyer in this area will dry up and the prices will be negatively affected.  A large banking institution and a smaller lending broker recently approached me to get this done.

 

This requires the cooperation of the Homeowners Association and their management company.  Surprisingly enough I received FULL cooperation and was able to obtain the needed information for submission to FHA by the two lenders.  The lenders were willing to pay for the $2500.00 filing fee required by FHA.

 

The documents are in and I await a response in two weeks…

--

Joe Homs

VP & General Manager

Wright Realty Partners

27742 Vista Del Lago, STE J-3

Mission Viejo, Ca 92692

On the Lake

949-625-4533

949-625-7123 (Fax)

 

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