FHA Condo Certification Rule Awaits Review by Trump Administration
The Federal Housing Administration (FHA) recently issued its long-awaited proposed rule regarding standards for condominiums in which individual unit owners are eligible to obtain FHA-insured loans. However, final action awaits review by new housing agency officials in the Trump Administration. Mortgages backed by the FHA allow borrowers to make a lower down payment and have less stringent financial qualification criteria than conventional mortgages. Of the estimated 150,000 condominium nationwide, fewer than 10,000 are certified for FHA-insured loans. Read the article…………..
Before 2008, association attorneys were understandably concerned about accepting partial payments with a restrictive endorsement (where the owner wrote “payment
When a condo association files a foreclosure lawsuit, it is entitled to ask the court to appoint a “custodial receiver”
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