P.H. from Maryland writes: Dear Mister Condo, I live in a 16-unit condo. Our buildings were built in 1988. The doors need entrance lock replacement. Currently, the locks are of the knob variety. Does the ADA require us to replace with a specific lock, or can they be of the same current knob design? The current locks are a part of the original design of the building. Thank you! Mister Condo replies: P.H., the answer…
M.W. from Tolland County writes: Dear Mister Condo, With regards to the condominium approval process for FHA, I have heard that since HB 3700 was passed. My understanding is that the changes would streamline the application process (possibly extend approval periods), increase investor owned units from 50% to 65% and ease restrictions related to transfer fees. Are you aware of the status? Mister Condo replies: M.W., I am neither an FHA expert or a great…
J.D. from outside of Connecticut writes: Dear Mister Condo, I have a buyer interested in my condo and ready to put in an offer and is FHA approved. The HOA’s FHA approval runs out in 37 days. If this buyer gets an offer in before that date can he still get an FHA mortgage? Mister Condo replies: J.D., congrats on finding a buyer for your condo. FHA approval is typically required by banks offering mortgages…
T.S. from outside of Connecticut writes: Dear Mister Condo, I am having trouble getting this Condo approved for mortgage financing. I was told that if the current budget does not have a line item for the Reserve Fund, that would make the HOA ineligible. Can you give an example of a budget that shows a Reserve Account? Why is a savings account on a balance sheet not sufficient? The HOA is saying this is the…