September 19, 2021

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Mortgage News

Associa’s Federal Housing Administration Assist Program

Dallas, TX, August 4, 2021 (GLOBE NEWSWIRE) – Associate, The largest community management company in the industry offers comprehensive condominium certification assistance through its one-of-a-kind Associa FHA Assist program.

The FHA provides mortgage insurance for loans made by FHA-approved lenders in the United States. The FHA loan is the most popular government-sponsored home loan in the country. The low down payment loans are issued by qualified lenders and guaranteed by the Federal Housing Administration.

In order for condominiums to accept buyers taking out an FHA loan, they must go through an approval process and recertify every three years to remain eligible. Condos can apply for FHA approval for the entire community or for individual condos. 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 increasingly important for condominium marketing, so some states are starting to require associations to disclose to potential buyers whether they are FHA certified. As the industry leader in community management, Associa is in a unique position to assist communities in obtaining FHA approvals through its FHA Assist service.

The FHA Assist program provides condominiums with convenient, professional, and efficient assistance in obtaining FHA permits for their communities by facilitating communication, identifying and submitting required materials to the FHA, and managing the approval process.

Associa offers a three-step approach to helping clients obtain, maintain, and renew FHA approval for their association:

  • The FHA Assist program provides the association with an initial assessment of how well it currently meets the FHA criteria.
  • A customer application package is prepared and sent to the FHA for review and approval.
  • Members of the FHA Assist team will track and notify the customer association when it is time to renew certification.

“Associa’s FHA Assist program is an extension of our commitment to delivering unmatched customer service and value to our customers,” said Matt Steele, senior vice president of Integrated Services, Associa. “The ultimate goal of this service is to help our communities navigate the FHA approval process so that their community is marketable to the largest number of buyers. Associa has the know-how and is able to work actively with both customer associations and the FHA and provide support to all parties from start to finish. “

To learn more about Associa’s FHA Assist program, please email [email protected].

With more than 200 offices across North America, Associa provides unmatched management and lifestyle services to nearly five million residents worldwide. Our 10,000+ team members lead the industry with unmatched training, expertise and groundbreaking innovation. For more than 40 years, Associa has provided solutions that help communities achieve their vision. To learn more, visit www.associaonline.com.

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