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....
FHA issues revised condo lending guidelines
The Federal Housing Administration has released its most recent revisions to the guidelines for condominiums seeking approval for FHA-backed mortgage loans.
The revisions go into effect immediately and will expire Aug. 31, 2014. The revisions were made in...
FHA Reignites Transfer Fee Battle
The Federal Housing Administration recently announced plans to begin disqualifying condominium associations from FHA financing if an association charges a deed-based transfer fee at the time of sale. This puts FHA at odds with the Federal Housing Finance Agency, which earlier this year determined that such fees benefit community associations...
FHA Certification – Mortgage Squeeze
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.