Prior to 2005, few condominium boards paid much attention to FHA financing. At the time, the FHA was only a small fraction of condominium loans (about 5%) and FHA buyers, due to smaller down payment requirements, were considered less committed to their purchased units....
Category Archives: FHA
In recent months while assisting condominiums to get certified and recertified with FHA, we are running into an issue that is a fairly simple one to avoid. We make it a point to remind our clients to contribute at least 10% of the budget to the reserve account annually. Not only does FHA require this,...Read more
Not every condominium board is convinced it should pursue FHA certification. Proceed cautiously. It's not that condominium board president Andrew Hayes is the biggest supporter of government-backed home loan programs. He'd rather not have to deal with them. But it's a matter of business. That's why there was little discussion when...Read more