August 2011 Business Meeting Recap

 

Thank you to Regional Home Mortgage consultants Charlotte Hauck and Connie Clyburn who presented this month at our business meeting and gave some great tips!

Flood Zone Determination :  www.freeflood.net but remember FEMA has the final determination and you can also verify there.

 

 

Quick FHA Condo Updates

1.  Delinquent HOmeowners Association Dues – if 15% or more of the unit owners in a condominium community are more than 30 days past due, FHA will not finance a mortgage.  The 15% includes all units (occupied, investor, bank-owned, vacant)

2.  FHA Concentration – FHA will not insure any mortgages in an approved project if 50% or more of the units are FHA-insured.  FHA will display the concentration information for each approved condomimium project on the approved condominium listing, which can be found on the public website at :  https://entp.hud.gov/inadapp/html/condlook.cfm.

3.  Owner-Occupancy Requirements – at least 50% of the units of a project must be owner occupied.  This must be verified by the property management company.

4.  HO-6 “Walls-in” Interior Insurance – borrowers must obtain an HO-6 “walls-in” interior insurance policy to cover the replacement of interior items.  These policies are mandatory and must be escrowed.

But basically that is why we work with experienced mortgage consultants who know their programs and what can get approved.  So for the most updated information contact regarding FHA approved condominiums contact Charlotte Hauck (757) 407-9100 or Connie Clyburn (757) 286-4359

And then we had a nice lunch catered by Abuelo’s.