FHA/VA Loan Certification

Our board recently found out that our FHA/VA loan certification expired in July 2011. We are still in the grace period, but it will now cost us over $2,000 dollars more and alot of extra paperwork to get re-certified. (if we can) A neighboring Condo complex HOA board just found out that their certification had expired a year ago. Who's responsibility is it to make sure we are certified or at least notify the board as to when it is due to expire? Our management company says it is the boards responsibility and not theirs. How would we have known where and when to check? We are told that it is up to the board to put the paper work together and submit to ??? to get recertified.

What are other boards doing?

Sherrie,
We recently had our project recertified after the certification ran out. Before I respond in too much detail ... Are you are a COA (condos) or HOA (homes)? Do you allow rentals ? Do you have a reserve plan ? Are you fininacilly secure with adequate reserves to cover present and future capital expenses ? Those things make a difference.
What I can say at the moment is that the FHA recently required ALL projects to be recertified from scratch, so it isn't especially important in this instance that yours expired since the process is basically the same.
It ultimately is the boards responsibility to be sure these things are done but a good MC should be aware of the situation and notify the board.
Since the collapse of the housing market and government bailout of many of the fininacial entities, the FHA now insures about 50% of the mortgages in the US and it is generally acknowledged that it will play a much bigger role in the future. Also many lending institutions and mortgage insurance companies now follow the FHA guidelines.
However, depending on your situation the pro's and con's can vary. I'll say upfront that there is no good solution. Definitely look around if you decide to have it done since not everyone charges the same and there are many variables. I'm surprised that your MC hasn't already been involved with going through this process with other projects.

Janet,

This is a 3 year old thread restarted by a Troll to post spam.
The spam is gone but the thread now looks like it is recent.

Very old thread ! We have had FHA approval for two years and in fact just had our 2 year re-certification accepted. The 2 year re-certification was done by the Association and wasn't all that difficult. I would recommend having someone do the initial certification to be sure you have all the correct documents and paperwork. Ask around - not everyone charges the same to do the certification.