The Met Loses FHA Approval Status

[Todd Riley]

Looks like The Met lost is FHA Approval Status last week on the 6^th of February.  FHA Cites the following as the reasons:

 

 

 

[S B]

What does this mean for us homeowners?

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[Todd Riley]

Well it's going to be harder to sell a condo. Not only has FHA not approved the complex Fannie Mae and Freddie Mac that do about 80% of the loans in the country are no longer lending at The Met.

The Met HOA also increased the deductible for a loss at The Met from $25,000 per unit to $50,000 per unit so make sure your loss coverage is $50,000 on your condo policy. 

The HOA has chosen to have loss coverage at $10,000,000 this is substantially less than the former coverage for losses at over 1/4 BILLION Dollars ($250,000,000+)

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From: Met Google Groups on behalf of Met - resident <TheMetWoo...@googlegroups.com>
Sent: Sunday, February 11, 2024 6:15:07 PM
To: Met Google Groups on behalf of Todd Riley |818.538.6331|TheMetatWarnerCenter.com <TheMetWoo...@googlegroups.com>
Subject: Re: The Met Loses FHA Approval Status

 

To view this discussion on the web visit https://groups.google.com/d/msgid/TheMetWoodlandHills/CACW5jiW3J%3Dsi26BD64TZnOEga%3DrzZMXxoAahJvAFoQJ_-eMLkw%40mail.gmail.com.

[Todd Riley]

Looks like the next HOA meeting is February 15 at 7 pm. 

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From: Todd Riley <toddri...@gmail.com>
Sent: Sunday, February 11, 2024 6:58:44 PM
To: Met Google Groups on behalf of Met - resident <TheMetWoo...@googlegroups.com>

Subject: Re: The Met Loses FHA Approval Status