Calling All Myrtle-ites with Special Skills and Limited Time
The Myrtle Square Task Force Needs You!
The HOA Board is currently looking for owners and residents who want to be involved in our community but who may only have limited time or interest. Joining a “committee” is a big commitment. But what if you could help out, one task at a time? Work on a special project, like helping to create a welcome package for new residents, or offer your professional knowledge as it may relate to some aspect of the Myrtle. All kinds of things come up, and we need your help!
If you’d like to participate, please send your information and general areas of interest to firstname.lastname@example.org and we will call on you when an appropriate task emerges. (And remember, you can always say no.) In addition, we may post particular opportunities from time to time. In that case, let us know if you are just the right man or woman for the job. Thank you!
MEET THE BOARD OF DIRECTORS...
The MSHOA Board is pleased to announce that Myrtle Square is now an FHA-approved condominium for January 2014-January 2016. There are a number of benefits that come with an FHA approval for a condominium association:
POTENTIAL HOME APPRECIATION
FHA approval creates value for our homeowners by building increased buyer demand for homes in our community. FHA approval allows potentials buyers better access to financing guaranteed by HUD including FHA mortgages, which often are a buyer’s preferred method of financing.
With an increased pool of potential buyers, FHA approved condominiums may see greater interest leading to price appreciation. As the availability of units in FHA approved condominiums is not extensive in our area, home buyers intending on buying a condo unit by taking advantage of FHA loans may lead to more activity and a higher sale price for units in the community. This also has the added benefit of contributing to higher values for similar units in the entire development.
POTENTIAL FOR EXPEDITED SALE THROUGH LOAN ASSUMPTION
Unlike other conventional residential loan programs, many FHA loans are assumable. This means that a new buyer can take on an existing FHA loan that was used to finance a condo unit being offered for sale. This provision also makes such properties highly desirable to new buyers who also meet all the FHA loan requirements, and can thus lead to a quicker sale.
FHA-insured mortgages have a refinance option that requires no appraisal. This option has allowed many homeowners to reduce their monthly payments even when their property was worth less than what was owed, a benefit that would not be possible with any other type of mortgage.
MORE OWNER OCCUPANTS
Due to FHA requirements, buyers who use their financing are obligated to live in their newly purchased property as their principal residence. This stipulation helps FHA approved condominiums to attract more owner occupants and less number of renters and helps us to continue to qualify for FHA financing in the future.