Comments on: Why You Might Urge Your Condo Association to get FHA Approval for your Building http://hobokenrealestatenews.com/2010/03/05/why-you-might-urge-your-condo-association-to-get-fha-approval-for-your-building/ What buyers and sellers need to know about Hoboken condos and real estate. Mon, 21 May 2012 19:00:39 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: Craig http://hobokenrealestatenews.com/2010/03/05/why-you-might-urge-your-condo-association-to-get-fha-approval-for-your-building/comment-page-1/#comment-5301 Craig Fri, 05 Mar 2010 23:02:44 +0000 http://hobokenrealestatenews.com/?p=2729#comment-5301 I'm glad to see you've considered the positives of FHA Lori. Hopefully the new streamlined project approval process that replaced spot approvals eliminates those $3k/6 mo. figures (keep in mind this discussion is about condos - single family homes do not have these conditions for approval). The fact is FHA now insures 40% of all new mortgages. It's the wave of the future, as conventional loan-required 20% downpayments become out of the reach of more and more people thanks to wages not keeping up with the inflation of housing costs. FHA is nothing more than non-profit mortgage insurance and is self-funded with the insurance premiums it collects. It has never taken a dime of taxpayer money to fund its operation. People can debate back and forth about what FHA is and whether it's good or bad all day. But the one thing that cannot be debated is that if a property you want to sell qualifies for FHA financing, a whole new world of buyers is open to you. Remember that 40% number above. That's a whole lot of potential buyers to miss out on without FHA approval of your property. So where the FHA debate is concerned, the question is this: do you want to be right - or do you want to get your property sold? I’m glad to see you’ve considered the positives of FHA Lori. Hopefully the new streamlined project approval process that replaced spot approvals eliminates those $3k/6 mo. figures (keep in mind this discussion is about condos – single family homes do not have these conditions for approval). The fact is FHA now insures 40% of all new mortgages. It’s the wave of the future, as conventional loan-required 20% downpayments become out of the reach of more and more people thanks to wages not keeping up with the inflation of housing costs. FHA is nothing more than non-profit mortgage insurance and is self-funded with the insurance premiums it collects. It has never taken a dime of taxpayer money to fund its operation.

People can debate back and forth about what FHA is and whether it’s good or bad all day. But the one thing that cannot be debated is that if a property you want to sell qualifies for FHA financing, a whole new world of buyers is open to you. Remember that 40% number above. That’s a whole lot of potential buyers to miss out on without FHA approval of your property. So where the FHA debate is concerned, the question is this: do you want to be right – or do you want to get your property sold?

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