Buying Condominium Financial Governance Legal Mortgage

Vacant Condo Units Cannot Be Sold Due to Deed Restrictions

R.K. from Massachusetts writes: Dear Mister Condo, I have worked in Condominium Management for 15 years. I currently own and operate a small management company in Massachusetts. I have been awarded Manager of Year through CAI New England, and I have problem I cannot solve and need help! At the very least, perhaps you have a story to share with others in a very unusual situation. One of my clients (a 12-condo association in Cambridge,…

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Condominium FHA Financial Mortgage

Streamlined FHA Rules and Condo Ownership Requirements

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…

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Condominium FHA Mortgage Selling

Condo’s FHA Approval Expiration Date Critical to Sale of Condo

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…

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Buying Condominium FHA Financial Governance Mortgage Selling

FHA Not Satisfied with Condo Reserve Fund

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…

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