Category Archives: FHA

FHA Regulation Update

Community Association Institute Members Meet with FHA to Discuss Condominiums On January 7th 2011, a delegation of CAI members met with policymakers at the Federal Housing Administration (FHA), presenting the agency with practical difficulties condominium associations face when qualifying for FHA’s condominium mortgage insurance program. CAI’s member delegation focused on three problem areas that are preventing homeowners in many condominium associations from using FHA programs: 

Deed Restrictions on Investor-Owned Units & Owner Occupancy Requirements Lease Term Restrictions and Room Occupancy Limits Restrictions on Condominiums with Affordable Housing Units

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Five Questions for The U.S. Department of Housing and Urban Development

In December, Federal Housing Administration approval of condominiums began to expire.  FHA approved mortgages account for an estimated 40 percent of financing in condominiums.  Without FHA approval, owners may have a hard time selling their units.  HUD is administering the new approval process and insurance requirements, which are set forth by Mortgagee Letter 2009-46 B.

 

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The Mortgage Muddle

The Federal Housing Administration (FHA) in December 2010 began enforcing new rules on condominium lending, easing some of the tougher provisions that were first proposed. But the new rules still require careful inspection by condominium associations and unit owners as well as potential buyers. 

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CAI Members Meet with FHA to Discuss Condominiums

On January 7’h, a delegation of CAl members met with policymakers at the Federal Housing Administration (FHA), presenting the agency with practical difficulties condominium associations face when qualifying for FHA’s condominium mortgage insurance program. CAl’s member delegation focused on three problem areas that are preventing homeowners in many condominium associations from using FHA programs:

  • Deed Restrictions on Investor-Owned Units & Owner Occupancy Requirements
  • Lease Term Restrictions and Room Occupancy Limits
  • Restrictions on Condominiums with Affordable Housing Units
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