Get informed. Get prepared. Get FHA approval.
The housing crisis didn't just change the real estate market – it also had a
lasting effect on how condominiums are bought and sold.
Before 2005, the Federal Housing Administration only held about 5 % of
condominium loans. Now, the FHA holds up to one in three loans in
some markets.
That fact alone makes FHA approval more important that ever before.
While the FHA approval process can seem like just another task you don't
have time to complete, it's worth it. There are big benefits for initiating the
FHA approval process:
• Because of their lending requirements, FHA approval shows a buyer that
a condominium association is well-governed.
• Because FHA loans are so prevalent, they allow units to be marketed to
the most buyers possible.
• Because the FHA approval process can be time-consuming, completing
it can prevent sales from falling through and angering unit owners.
This guide is designed to give you a better understanding of the FHA
process and provide the tools you need to obtain FHA approval for your
condominium association.
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