HOA HOMEFRONT: New law eases condominium lending requirements
While HOA law is primarily a state law issue, federal government is increasingly involved in issues including housing discrimination, satellite dishes, amateur radio antennae and environmental law. One of the largest expansions of federal involvement occurred in 2009, when the Federal Housing Administration (FHA) and the Federal National Mortgage Association (FNMA, aka “FannieMae”) announced new lending guidelines for condominiums, essentially imposing national minimum standards on condominium associations regarding owner occupancy, finances, insurance and governance. Previously, FHA and FNMA evaluated condominium loans on a unit by unit basis, but in 2009 began requiring the entire project be approved for any owner in that project to obtain FHA or FannieMae financing. Read the article…………….