A Condominium is a type of property, usually attached, where owners own their unit and a portion of private land that sits on the facilities such as swimming pools, surrounding landscape and clubhouses. All Condo buildings have associations policies governing the condominium project, allocation of routine maintenance costs, and collect monthly, quarterly or annual... Continue Reading →
Beacon Management Services Topic of the Day: FHA Financing Available for Condos ONLY if Entire Building Qualifies
Condo associations are still struggling to meet Federal Housing Administration certification requirements for mortgages insured by the federal agency. Here's the latest FHA condo certification news. Can Your Condos Meet FHA Rules? The FHA guarantees home loans offered through conventional lenders. FHA loans allow homebuyers to use a smaller down payment and sometimes to have... Continue Reading →
Beacon Management Services Topic of the Day: Does Your Condo Building Meet the New Fannie Mae Insurance Guidelines?
On December 28, 2011, Fannie Mae issued new insurance requirements on the condos securing the mortgages it will purchase. Here we give you a feel for the rules and discuss whether it's smart for your HOA to speak to an insurance broker to determine if your master insurance policy meets Fannie Mae's requirements. Why Should... Continue Reading →
Beacon Management Services Topic of the Day: Really? Atlanta on the Same Par as Detroit?
Atlanta certainly has taken a beating in the local and national media over the past week. The latest Standard & Poor’s Case-Shiller Home Price Index report was released, ranking Atlanta second only to Detroit, with a price index of 88.93, down from a high of 136.47 in mid-2007. This represents the fourth straight month of... Continue Reading →