Real Estate Industry Professionals Offer New Service To Help Clients Receive FHA Condo Approval
Online, November 16, 2010 (Newswire.com) - Individuals and entities seeking FHA approval for their condo projects will be pleased to learn that project experts focusing specifically on FHA condo approval are now offering their services through Condo Approval Professionals. This is a full service company that will work with their clients, representing their interests in attaining project approvals from government agencies. Currently, Condo Approval Professionals can assist clients with their business with Fannie Mae, Freddie Mac, FHA and the VA.
The FHA condo approval service provided by Condo Approval Professionals will be of immediate interest to those who own a condo or have a listing in a condo project, if the condominium complex was approved by the FHA prior to October 1, 2008. In those cases, the complex will need to be FHA certified again. This is mandated by the FHA in order to review insurance, budgets, reserve balances and other recent condo related business.
Not surprisingly, this represents a significant effort for condo associations, realtors, management companies and mortgage lenders; however, with this procedure in place, the FHA will be able to review the current status of a complex and demand changes where necessary. Given that FHA recertification is here to stay, it makes sense to deal with it sooner rather than later, before the recertification backlog builds up.
A large percentage of buyers of condominiums priced under $450,000, even as high as $750,000 in California, may use FHA financing if the complex is FHA approved. If the condominium project is FHA approved, buyers in that project will have a relatively easier time securing financing. Thus, it is in the best interest of everyone involved in the condominium project to have the complex approved. The approval process can be as short as 1 week when working with Condo Approval Professionals LLC. "We have been able to receive approvals, on packages submitted to FHA, within a week of their receipt at FHA."
A myriad of reasons can doom a condominium's application for FHA approval, including delinquent assessments, low reserve contributions in the budget, and the ratio of leased to owner-occupied units. Condominium Associations collecting less than 10% towards reserves are candidates for quick rejection. Just like the case with FHA, Fannie Mae condo guidelines may reject approval if owners are delinquent in paying their monthly assessments or have insufficient budgets for reserves.
"The increasing complexity of securing a Fannie Mae Condo is encouraging many principals to engage us early and often," notes Steve Stenger, President of Condo Approval Professionals. "Condominium complexes applying for FHA approval may face turnaround times of several months when using less experienced project approval companies that aren't completely familiar with FHA's new rules, regulations, and procedures. And this is separate from Fannie Mae and Freddie Mac," Stenger adds.
About:
Condo Approval Professionals is a full service company that provides project approvals for all government agencies. We are currently involved in numerous project approvals through multiple agencies, including FHA, Fannie Mae, Freddie Mac, and VA.
Contact:
Steve Stenger
President, Condo Approval Professionals
(site) http://www.condo-approval.com/
(email) steve@condo-approval.com
(voice) +1-847-293-2962