Why Condo Associations Need FHA Approval in 2017
Prior to 2005, few condominium boards paid much attention to Federal Housing Administration, or FHA, financing. At the time, the FHA only had a small fraction of condominium loans (about 5 percent) and FHA buyers, due to smaller down payment requirements, were considered less committed to their purchased units. A lot has changed since then. The FHA is now one of the largest underwriters for condominium mortgages, with FHA mortgages accounting for up to one in three new loans in some markets. Most importantly for boards, changes made to the FHA approval process in recent years shifted the burden of qualifying for FHA mortgages from lenders to the association. In fact, many condo buyers are looking for FHA-approved associations as a sign the association is stable and well-governed. So if you live in a condominium, 2017 may be a great time to review the FHA approval process, what it means to your community and if such approval is worth pursuing. Read the article…………..
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