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………….


Related Articles

Brunswick (OH) residents fight for retention pond repairs

Retention ponds in a local city could have some homeowners swimming in debt. The problems came to a head with

Discrimination Against Persons With Disabilities (FHA Report and Guidelines)

The Fair Housing Act prohibits discrimination based on disability and requires housing providers, including HOAs, to make reasonable accommodations in

Fannie to Tighten Loan Criteria for Condos, Refis

Starting on Oct. 20, Fannie Mae will be tightening some of its underwriting standards for condo buyers and home owners