FHA Update: Temporary Guidelines a Start, But More Work To Be Done

The number of condominiums obtaining FHA (Federal Housing Administration) certification has continued to shrink. This is due, in large part, to the fact that the U.S. Department of Housing and Urban Development (HUD), which administers the FHA certification approval process, has imposed stringent eligibility requirements. Condominiums that have obtained FHA certification in the past find themselves being rejected two years later when they apply for re-certification, despite the fact that no material changes have occurred. This is the result of not only more stringent guidelines being imposed, but more strict and narrow interpretations of the guidelines that are already in place.    Read the article…………