Monday, August 8, 2016
Condo owners and would-be buyers are monitoring this news from the FHA and home mortgage front. The topic has particular interest for condo owners who are now seeking reverse mortgages now or in the future.
At our HOA community, TRILOGY Glen Ivy, we have lacked this FHA certification mainly due to a side issue that relates to the presence of our community enhancement fund. This requires that all close escrows on properties sold are required to pay a .5% fee on the sales price to the enhancement fund that is managed by a separate nonprofit board aligned with our HOA governing board, but not controlled by that board.
The FHA alarms about HOA community enhancement funds seems to be a bogus issue. Why haven't the Feds concluded that these funds are actually a way communities can pay for improvements without raising regular dues?
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