A group of Aurora families recently learned their condo building has not been approved by federal regulators for Federal Housing Administration (FHA) loans, and they may lose the homes they have watched get built from the ground up. via jaclynreporting
AURORA, Colo. — For more than a year, Christina Pritchard has been dreaming about the day her brand-new Aurora condo in Sorrel Ranch would be hers. She signed the contract in April 2021 and has been at the complex watching her home be built from the ground up.Pritchard was approved for an Federal Housing Administration loan, and the single mom thought she had been doing everything right. That was until two weeks ago when her realtor learned the U.S.
The reasons behind the delay are not clear, but it could cost several families their homes, Wallace said."Christina and I almost feel like this is a David and Goliath story because we're all kind of in arms together, fighting the federal government because of bureaucratic red tape," said Wallace. Meanwhile, HUD released a statement as well, providing no timeline for the approval process: “We continue to work with the developer on the challenges with the condominium project’s approval. This issue will not impact any borrower with a mortgage that has already closed and has received an FHA insurance endorsement.”
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