@WeMARGAD has written several articles since 2016 regarding FHA Free Assumability, what it is, questions buyers should ask sellers should consider, property rights issues and disclosure concerns. Free Assumability impacts retirement communities and all age communities. Reverse Mortgages, Refinance and Purchase Money FHA loans.
Last month the WeMAR Free Assumability Task Force released a flyer and three postcards you may use to educate yourself, clients and others asking about this issue.
Some associations have been reticent to even discuss the issue with their community members, in some cases refusing any discussion and telling residents the association was working with HUD Santa Ana to correct any problems.
Yesterday (5/2) I was delighted to see two signs Sun City and Sun City West may be considering a conversation with their residents. The first was a press release on the Sun City website stating they are actively seeking clarification from HUD on language changes to governing documents that will allow for FHA financing.
The second were two articles in the Sun City and Sun City West Independent newspapers describing the board meetings held last week.
Members of both communities will again be speaking to their respective Board of Directors at their upcoming May meetings. If you are a resident, or know a resident, who would be interested in attending or speaking, please let them know the next scheduled board meeting dates:
- Sun City West – Thursday May 24, 2018 at Lecture Hall – 9am to 11am
- Sun City – Thursday May 31, 2018 at Sun Dial Auditorium – 9am to 11am