Community/Home Owners Associations and Property Management Firms:
Sovereign Estate is here to help your Community/HOA obtain Federal Housing Administration (FHA) approval for your condominium complex. FHA approval is vital in maintaining and expanding the marketability of the condominiums in your complex. The FHA has made recent (2009) changes that require all formally FHA approved complexes to recertify every two years with many expiring for the first time on December 7th 2010. Contact us for information on first time certification and recertification.
Why Should My Association Care About the FHA Requirements?
"This is an issue of interest for condominium associations as FHA insured mortgages are playing an increasingly important role as a financing mechanism for those seeking to purchase condominium units. While traditionally, FHA-insured mortgages played a small role in the housing markets (approximately 5 percent in 2007), that number has increased to roughly 20 percent of the mortgage originations in 2008.
As lenders continue to reexamine and tighten lending criteria, qualifying for FHA mortgage insurance provides potential buyers with an additional financing option and, thus, makes units in your condominium association marketable to a larger pool of potential buyers."
Why is this Important?
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More potential buyers, more demand!
Check to see if your Condo Complex is FHA Approved: https://entp.hud.gov/idapp/html/condlook.cfm
What does Sovereign Estate do?
Your Sovereign Estate Consultant will walk you through every step of the process. Sovereign Estate knows what the FHA would like to see in order to have the highest possibility of gaining approval.
How much does it Cost?
For as little as $18 a unit! The investment is minimal, the reward can be large and the risk of not having your complex FHA approved could be tragic. Contact us today for more details!
Contact:
Phillip DIas
(619)248-5595
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