At FHA Review I’m asked this question daily. The interesting part about this seemingly simple question is that it’s often loaded with emotions and opinions. The majority of realtors, lenders, home builders and community association professionals view FHA Certification as a benefit to a Condominium Association. People who oppose FHA approval don’t always have all the facts, or have […]
On October 15, 2019, HUD implemented the long awaited and often discussed changes to the FHA Condominium Certification process. In addition to the changes made to the process regarding the Full Project Approval, HUD has introduced a Single Unit Approval (SUA) process. Below is a synopsis of the changes to the Full Project Approval process and […]
CAI Delegation Meets with FHA Head On November 17, 2011, CAI led a delegation to meet with Carol Galante, the Acting Commissioner of the Federal Housing Administration (FHA). The delegation included representatives from the National Association of Realtors and the National Association of Home Builders. The purpose of the meeting was to discuss ongoing concerns […]
In 2010 the FHA eliminated the “spot approval” program. Due to this change, an entire complex must now obtain FHA condo approval. If your community is not FHA approved, prospective buyers or current residents cannot purchase a unit or refinance using an FHA loan product. With almost 50% of new loans being backed by the […]
There is no “right” answer to this question because the changes made by the FHA are so recent. We have yet to see the legal ramifications of a Board voting against obtaining approval, but this situation has already caused turmoil and many headaches within communities. A popular opinion was recently expressed in an L.A. Times […]