On March 31, 2011, we received the news that the Healey Condominium is FHA APPROVED.
What does FHA approval mean, and why should you care?
In short, FHA approval allows people to BUY units at the Healey with 3.5% down, as opposed to 20% for a conventional loan. As stated earlier, this translates into higher owner occupancy in the building. From our previous history, high owner occupancy further translates into longer-standing residents, greater care of the property and, thus, higher property value. This approval also gives homeowners who want to refinance their current unit an additional avenue to do so.
As we celebrate this accomplishment, we must tell you that the approval is for two years. We will have to reapply to maintain our coveted FHA status again in 2013. To ensure that we qualify when the time comes, please continue to pay your fees on time to help the HOA:
1.Keep our delinquency rate below 15%.
2.Ensure that our reserve account balance is at least 10% of the operating budget.
3.Continue to upgrade or repair aged equipment and maintain the building’s infrastructure.
We consider the accomplishment of FHA approval to be a big deal, and hope you share our excitement. This success is OURS — thanks and congratulations are in order for all of us. Without your help to maintain the building, this VICTORY wouldn’t have occurred.
The Healey Homeowners’ Association Board of Directors