Tag Archives: mortgages

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...

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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.

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CAI Calls on FHA for Stakeholder Input, Transparency in Condo Guidelines

Community Association Institute has reached out to the leadership of FHA to express concern over continued problems and mismanagement of the condominium insurance program. The program requires condo associations to get FHA approval for the entire association in order for any buyer to qualify for FHA financing to purchase a condominium unit. As FHA’s share of condominium mortgages has exploded during the housing crisis from less than 5% to 30% of all mortgages, sound underwriting guidelines and administration are critical to ensure appropriate qualification criteria are adopted. To date, FHA has continued to issue guidance with no public notice or stakeholder input. The result is an increasingly troubled program that is needlessly disqualifying healthy condominium associations and burdening homeowners with added compliance costs.

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NV: HOAs are important to our valley communities

News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network

The economy has suffered blow after blow the past few years, which has resulted in far-reaching and devastating effects on people across the country. As we have seen here in Southern Nevada and throughout the nation, many can’t afford to pay their mortgages and homeowners association assessments and end up facing foreclosure.
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