The FHA Condo Certification Problem That Never Goes Away
Condo boards often overlook FHA approval until a sale falls through. Learn why FHA condo certification matters, how it affects property values, and what communities risk when they ignore it.
When an HOA Lets Its FHA Approval Lapse
What happens when an HOA quietly lets its FHA approval expire? Homeowners can suddenly lose access to critical financing options for repairs, refinancing, or sales — and property values across the community can take a hit. Here’s why FHA renewals matter more than ever.
Should our HOA become FHA Approved?
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 […]
FHA Certification Changes for 2021
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 Meets with FHA to Discuss Changes to the Condominium Project Approval Guidelines
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 […]
The new FHA review process
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 […]
A community is not interested in getting FHA approval, What are the consequences?
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 […]