As you may know, one of the primary roles of the Board of Directors is to preserve, protect and enhance the value of the homes or units in your community. Some condominium and homeowner associations have taken steps to make their communities more attractive to prospective purchasers by making VA and FHA financing available in the community.

FHA and VA guaranteed home loans allow many families to purchase homes who otherwise may not be financially able to purchase a home. FHA insured home loans often benefit prospective home buyers by providing for low down payments, providing greater flexibility in determining a prospective home buyer’s credit worthiness, allowing prospective home buyers to use gifts from family members to make their down payment, and allowing prospective home buyers to carry more debt than a private mortgage insurers typically allows. VA loans offer similar benefits, including, in some cases, close to 100% financing.

FHA insured home loan limits in metro Denver counties are $239,250. VA loans may be as high as $203,000. VA and FHA loans typically can only be made in condominium developments and mandatory membership subdivisions if the VA and FHA have reviewed and approved the community for their loans. This requires submission of an application or requests for community approval, with copies of various legal documents for the community and an attorney’s explanation and certification that the community’s legal documents comply with FHA or VA requirements.

If your association desires to become VA and FHA approved we will be happy to review your Association’s legal documents to determine if the documents meet the VA and FHA guidelines and to assist with submitting your application or request for approval.

Social Media Auto Publish Powered By :