Capital Reserve Consultants Publication concerning the Crisis of Under Funded Reserves
Click HERE to view a publication by Capital Reserve Consultants that addresses the need for appropriate Reserve Planning and Funding
Reserve Studies for Condominiums and Homeowner’s Associations
“Regardless of whether you live in a state which requires your association to conduct a reserve study it is all but mandatory for most types of CIRA’s to prepare a study as most mortgage lenders now require condominiums and other forms of attached housing communities to provide a current reserve study in order obtain mortgage financing.
The department of Housing and Urban Development (HUD) and the Federal National Mortgage Association have recently tightened their underwriting guidelines with respect to reserve funding requirements. As the real estate market begins to correct itself and home sales begin to rise it will be increasingly difficult to obtain mortgage financing on condominiums and attached homes if your association does not have a professionally prepared reserve funding plan in place.”
Click HERE to go to Capital Reserve Consultants website for the full article
