R.P. from Fairfield County, Connecticut writes: Dear Mister Condo, How can I persuade or threaten my condo board to apply for FHA certification so I can get a reverse mortgage? Mister Condo replies: R.P., let’s stick with persuasion tactics. Generally speaking, FHA certification is good for all unit owners within a condo. It makes for…
Tag: Mortgage
Effects of Multiple Assessments on Condo Mortgage
E.B. from Litchfield County, Connecticut writes: Dear Mister Condo, I am trying to sell my condo in a complex that just recently had a second assessment levied. I have been told that a potential buyer would now be unable to purchase my unit with a conventional mortgage. Is our complex now ineligible for a conventional,…
Developer Went Bankrupt! Now, What?
G.S. from New Haven County, Connecticut writes: Dear Mister Condo, HELP! A developer purchased a group of apartments and then started to rehabilitate each unit to sell. When the leases were over on the tenants who were renting at the time of the purchase, their place was immediately remodeled and placed on the market for…
Condo or PUD? Why does it matter?
L.C. from New Haven County, Connecticut writes: Dear Mister Condo, I have purchased a “condo” within a PUD that is 6 separate cabins that were built in 1995. There is no active HOA and no dues collected. I cannot get FHA financing nor conventional financing on the cabin/condo. Should I try to get the owners…