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 FHA Approvals--New regulations went into effect on February 1, 2010 that have drastically changed the approval of FHA sales for condominiums. The most notable change is that if an association is not listed on the FHA approved list, then FHA will not approve the sale, excluding Site-Condos. Since FHA is becoming more prevalent with flexible down payments and eligibility requirements, this change will dramatically impact all affected communities. In order to search and verify if an association is on the FHA approved list, click here.
Our office hosted several meetings in late March of 2010, in order to discuss the importance of this topic. At these meetings, options were presented to move forward on submitting an association to FHA for approval. Since then, nearly 30 of our managed communities have submitted to FHA for association approval. To date (May 2010) several associations have been approved and many more are soon to be accepted. The process has been averaging 3-6 weeks time from agreeing to move forward until completion. Should your association want to get on the FHA Approved list, please submit the FHA Approval Request Form to be contacted.
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