FHA approved Condo Communities. Why would your association/board members not want to be FHA & VA approved ? If you have a strong Condo association and good amount of money in your reserve .Yes it might take a good amount of paper work to get the approvals done for FHA and VA Approvals but it would open up the Condo/Communities market to so many more buyers who may not be looking in your community .
Why should board members care about FHA certification for their community? FHA provides an insurance policy to mortgage companies. If a borrower defaults on the mortgage, FHA will cover some of the loss the lender would suffer. Mortgage bankers like to work with FHA because they can require a lower down payment (less than 20%) than conventional financing and therefore qualify more borrowers, which results in more profit for the mortgage company. Lenders are also more understanding with credit scores .Conventional requires a minimum of 740 credit score . 
Let's also look at the Seniors in you community who may want to consider a reverse mortgage. Without FHA and VA loan approved status seniors do not even have the opportunity to have this choice.
Who makes these decisions in your community? Are your property values decreasing just because of the economy ? Are people having trouble getting financing in you community? Is you Condo Community FHA Approved?
These are questions you should be concerned with as an owner of a condo!
Thinking of Buying or Selling your Home?
Call me !
215 820 3376
215 953 8800
Pictures are by Hannah Williams not to be duplicated without permission .HelpfulHannahs.com is a Real Estate website please visit it if you are interested in information about homes or any information about the Philadelphia or Bucks County Pennsylvania area or call me direct 215-215 953 8818 or by cell 820-3376 i will be glad to assist you.Unless otherwise noted, the content, both written and in pictures,are the property of Hannah Williams. If you wish to use something you see here,( please ask for permission) Most likely I will oblige, with a link back to my original content as well as an acknowledgment. Thank you to all my friends,neighbors and clients who allowed my to use their photos and videos maybe you will get to Hollywood!
To SEARCH for HOMES PLEASE VISIT HELPFULHANNAH.COM
❦ Very informative post Hannah, I have to lean on the button. Why not is a fabulous question!!
Pamela
Pamela... it is really an important issue that more and more owners are ignoring..Meanwhile their property values are decreasing because they are closing their doors to more and more buyers.
Hannah
Know of an agent on a condo board who has helped veto the associations quest for FHA certification. They suggested that FHA certification would bring "undesirables" to the building.
Good evening, Hannah. Good to see you posting. Missed you...
Cindy.. Funny you should say that I have heard others say the very same thing ....very fine line of discrimination there..I guess someone who served in the military is an "undesirable" Oh don't get me started
Michael... Good evening to you too! Nice to be missed ! ..:0)
Hannah I agree that this is important information. Being FHA approved is in the best interest of all owners. This certainly open up the pool of buyers.
Jennifer.. .. Hopefully more owners will understand the importance of having their associaton FHA & VA approved .
Helpfulhannah