Dallas, TX, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Associa, the industry’s largest community management company, provides start-to-finish support for Federal Housing Administration (FHA) certification to condominium associations through its one-of-a-kind Associa FHA Assist program.
The FHA provides mortgage insurance on loans made by FHA-approved lenders throughout the United States. The FHA loan is the most popular government-backed home loan in the country. The low down payment loans are made by qualified lenders and guaranteed by the Federal Housing Administration.
For condominiums to be able to accept buyers borrowing an FHA loan, they have to go through an approval process and get recertified every three years to remain eligible. Condominiums can request FHA approval for the entire community or approval for individual condo units. As of August 2019, the FHA Single Unit Approval program, formerly known as spot approval, allows an FHA mortgage to insure individual mortgages in an association, without the entire association having to obtain FHA certification.
FHA approval is becoming critical to marketing condos, so much so that some states are beginning to require associations to disclose to potential buyers if they are FHA-certified. As an industry leader in community management, Associa is uniquely positioned to support communities in obtaining FHA approvals through its FHA Assist service.
The FHA Assist program provides condominium associations with convenient, professional, and efficient assistance in obtaining FHA approvals for their communities by facilitating communication, identifying and submitting required materials to the FHA, and managing the approval process.
Associa provides a three-tiered approach to help clients achieve, maintain, and renew FHA approval for their association:
The FHA Assist program provides an initial evaluation to the association regarding how well they currently align with FHA criteria.
A customer application package is prepared and sent to the FHA for review and approval.
FHA Assist team members track and notify the client association when it’s time to renew the certification.
“Associa’s FHA Assist program is an extension of our commitment to providing unmatched customer service and unique value-adds to our clients,” stated Matt Steele, Associa senior vice president of integrated services. “The ultimate goal of this service is to provide support to our communities as they navigate the FHA approvals process so that their community is marketable to the largest number of buyers. Associa has the expertise and is equipped to actively engage with both client associations and the FHA and offer start-to-finish assistance to all parties.”
To learn more about Associa’s FHA Assist program, please email FHAassist@associaonline.com.
With more than 200 branch offices across North America, Associa delivers unsurpassed management and lifestyle services to nearly five million residents worldwide. Our 10,000+ team members lead the industry with unrivaled education, expertise and trailblazing innovation. For more than 40 years, Associa has provided solutions designed to help communities achieve their vision. To learn more, visit www.associaonline.com.
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