Did you know that Society Hill in Basking Ridge has two associations? Bernards I and Bernards II.
Woodward Lane, Baldwin Court and English Place make up Bernards I.
I have a listing in Bernards II (www.210IrvingPlace.com) which encompasses Irving Place and Penns Way.
Bernards II is NOT approved for FHA loans while Bernards I does qualify. In order a buyer to qualify for an FHA loan, the condo community must be approved.
If you live in Bernards II and are thinking of selling anytime soon – call your association and encourage them to look into obtaining approval for FHA buyers. At this price point many of the potential buyers are hoping to use this financing option. In the past, FHA loans had somewhat of a negative connotation. I do not believe that this is true any longer – especially with the tightening of qualification requirements.
If you are hoping to qualify for an FHA loan, make sure that the community you wish to buy into is qualified. You can do this at the HUD website, you just need the zip code and the name of the community.
On a happier note – at the end of last month, Society Hill Bernards II had a ribbon cutting ceremony for the opening of a new playground on Irving Place!
Are you considering a Basking Ridge townhouse or condo? There are many currently on the market and with inventory levels high, you might get a really good deal!
