New Law Makes Changes to FHA Condominium Approval Process

Unless a condominium association is certified by FHA, lenders may not offer borrowers FHA-insured mortgages. In 2009, FHA implemented a number of changes to the agency’s condominium approval requirements. As a result, the number of FHA-approved condominium associations has plummeted. In July 2016, President Obama signed into law H.R. 3700, the “Housing Opportunity through Modernization Act of 2016,” which will allow more condominium associations to become FHA certified. However, the real test is the pending release of FHA’s updated condominium regulations.     Read the article………….