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Thursday, August 20, 2015

Financing your HOA buy via FHA, VA?

Our 1317-unit HOA (with 170 condo owners within) is not fully available to all potential buyers.  The community south of Corona in the Southern California Inland Empire is not FHA certified for a couple of reasons: 1) the existence of a a mandatory, developer imposed community development fund that places an escrow fee of .5 percent of the sale price on all properties, and 2) a specific unresolved legal case by the HOA against the original developer of a backroom deal for telecommunications.

Such impediments to FHA (even VA) certification are not unusual, but the State of California now requires HOAs to make these disclosures public.  That could be a good thing.

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by Canswerist® ▶ aka Altaloman®

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A 'moniker' for the 'social current see' about common interest developments, aka HOAs, or homeowner associations, also property owner associations (POAs). These communities, while private governments, function much like cities with more than 9 million residents in these localities in California. As such, ALTACITIES, "alternate cities," are larger than the combined populations of the four largest cities in the state, Los Angeles, San Diego, San Jose and San Francisco.