FHA loans (actually Federal Housing Administration-insured loans) have taken a great leap in popularity since conventional lenders began limited their lending. At the time of this writing, FHA-insured loans account for 30-50% of all new condominium mortgages.
Reserve Studies help you outsmart disrepair at your property. In this eBook, you'll learn about the three key results of a Reserve Study: the Component List, Reserve Fund Strength, and the Funding Plan.
Reserve Fund Strength is a calculated ratio that compares the actual amount in Reserves to the current value of Reserve Component deterioration. In this eBook, you'll learn: -How much is enough for your Association -Fully Funded Balance basics -What % Funded means and how to calculate it -Why % Funded matters
The "Component List" serves as the foundation of a Reserve Study by spelling out the scope & schedule of all necessary repairs & replacements. In this eBook, you'll learn: -Component List basics -Components to include -Useful life & cost information -Importance of updating -Why Reserving is important
