Condominiums are feeling the pinch of the Federal Housing Administration’s new certification requirements as many find themselves ineligible for FHA approval. That’s left owners and buyers without the option of cheaper FHA mortgages.
News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network
1. If it isn't an FHA loan being used to purchase a unit, chances are the buyer is an investor. Because over 80% of buyers are now using FHA loans, the remaining buyers are usually investors who cannot use an FHA loan to purchase. An...
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.