D.K. from Connecticut writes:
Dear Mister Condo,
What are the advantages and disadvantages of having the condo FHA approved? The board is not interested in doing this. However, we keep getting asked to.
Mister Condo replies:
D.K., the arguments for and against FHA certification have long been a bone of contention in condominiums. The issue for the Board is the expense of achieving and maintaining FHA certification. However, the issue for buyers and sellers within the association as well as owners seeking to refinance is that without the FHA certification, their options are limited. I have written about the very subject in the past and would like to direct you to this answer a few year’s back. I haven’t changed my opinion since then. I hope you enjoy: https://askmistercondo.com/condo-let-lapse-fha-and-va-certification/. All the best!