Thursday, May 19, 2011

FHA Condominium Approvals - Required for FHA-Insured Loans

The FHA requires condominium complexes to be FHA approved before individuals can use FHA-insured loans for purchases, refinancing, or reverse mortgages. The advantage of FHA approval is an increased pool of buyers, and the ability for unit owners to refinance using FHA-insured loans. Over 80% of first-time home-buyers state they are using FHA-insured loans. Having a larger pool of buyers can stabilize or improve property valuations. Condominiums that are not FHA approved tend to have a higher percentage of investor purchasers.

In order for a condominium to be FHA approved or re-certified, certain eligibility requirements must be met. For example, the FHA requires an owner-occupancy ratio of at least 50% and delinquency rates below 15%. There are additional submission requirements including legal, financial and insurance documents, as well as the completion of an FHA Questionnaire.

If your condominium association is interested in becoming FHA approved and would like assistance in the preparation of a submission package, American Community Management (ACM) recommends Condo Approvals, LLC, a member of the Chesapeake Chapter Community Associations Institute (CAI). Condo Approvals has been a proven partner with ACM and its community associations providing a low-cost, high-quality service to condominiums involved in the approval process.

"Since our original request with FHA came back with a denial, it was appreciated to be able to contract with a company that could resubmit the needed paperwork in a thorough manner for follow up seeking the approval we were looking for due to our already hectic work schedule," says Ron Rims, Community Association Manager for Garrision Ridge Condominium, represented by ACM, about working with Condo Approvals, LLC.

You can contact Gary Gooch at 571-312-0925, by email at condoapprovalseast@condoapprovalsllc.com for a free pre-screen of your association.

Article written by: Gary Gooch

Wednesday, May 11, 2011

Local Event: Columbia Home Tour

The Columbia Home Tour 2011 will be held June 5, 2011 from 11:00 AM to 5:00 PM. The event is sponsored by the Villages of Columbia and the Columbia Archives with proceeds benefiting the charity "One Month's Rent Initiative". To learn more about this charity, please visit them online at www.onemonthsrent.org.

The self-guided tour includes five features homes located within the Columbia Villages selected because of their unique qualities:
  • Restored historic mansion in Kings Contrivance
  • Contemporary split level in Hickory Ridge
  • Unique, redesigned town-home in Town Center
  • Beautifully landscaped colonial in Dorsey's Search
  • Lakeside town-home in Owen Brown
Participants are provided tour guide books with the purchase of tickets and are invited to visit the newly renovated Owen Brown Community Center between 1:00 PM and 4:00 PM for a reception with refreshments and Columbia Archive displays. To learn more about the event, visit the "Columbia Home Tour 2011" Facebook page by CLICKING HERE.

Tuesday, May 10, 2011

ACM Concludes Board Feedback Survey and Reviews Results

ACM concluded the Board Feedback Survey on April 30, 2011. All responses have been received and are in the process of being reviewed for action. Thank you to all of the board members who participated in the survey. Your feedback is very important to us and will help ACM to continue enhancing our management services for community associations.

While reviewing responses to the survey, one question had very similar answers from the majority of participants. When asked, "What is most difficult for the homeowners and board members when using the website?", most of them answered that navigation on ACM's community portal, www.acmhome.com, has proven to be difficult. After receiving this feedback, ACM is making it a top priority to work with our software providers to potentially simplify the navigation, as well as educate both homeowners and board members about utilizing the website features. The survey also determined that most board participants plan increase use of the website this year and our goal is to make the online tool as easy to use as possible for residents.

Thank you again to all of the board members who provided ACM with feedback about our services. We appreciate your participation and value your responses.

Friday, May 6, 2011

Administrator of the Month: April 2011


Congratulations Carol for earning Administrator of the Month!!

Carol's hard work and team efforts during the month of April earned her votes from her peers as Administrator of the Month. Thank you Carol for all that you do!