Wednesday, February 02, 2011

New FHA Tool Will Help Condo Associations

CAR subsidiary launches FHA approval tool

By Inman News
Inman News™

February 02, 2011

Real Estate Business Services Inc., a subsidiary of the California Association of REALTORS®, has teamed with FHA Pros LLC to launch a product that checks for FHA loan eligibility and offers assistance in the FHA loan approval process.

The Clarus FHA Approval product includes two services:

Approval Services helps condominium homeowners associations meet regulations from the U.S. Department of Housing and Urban Development (HUD) that require an entire condo development be approved before an FHA loan may be granted for a single unit.
Eligibility Check is a database that allows real estate professionals to determine FHA loan eligibility through a property address search.

"FHA loans now account for up to half of all new mortgages. Given the importance of this loan program, every condominium association should seek to be approved for FHA loans," said Robert Bailey, chairman of REBS, in a statement.

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