FHA To Change Up Condo Lending Requirements?

The Federal Housing Administration indicated this week that it is in the process of evaluating changes to its condo lending requirements, according to a statement provided to Housing Wire. “While we are evaluating potential changes to our condo requirements and expect to announce some of those soon, we cannot yet comment on specific requirements that.. read more →

23 May 2012
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Agent: Realtors Rally to Urge Congressional Action on Real Estate Woes

Joan Probala talks about four issues that were the subject of a 14,000-Realtor rally on the National Mall. By Joan Probala Is home ownership really the American Dream? Have the recent set of financial regulations created more obstacles in reaching that dream? Good questions with an easy answer….YES! Some things have changed….clothing and car styles. Technology.. read more →

22 May 2012
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Tighter FHA rules locking many entry-level buyers out of condos

By Aldo Svaldi The Denver Post Condo developer Jason Sherrill says he would prefer to hand keys for his new units to families, but tighter rules from the Federal Housing Administration have him selling to investors instead. Stricter FHA certification requirements for condo developments have made most condos ineligible for FHA-insured mortgages, the primary source.. read more →

22 May 2012
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Council passes bill aimed at helping condo buyers

By Lindsey McPherson, lmcpherson@patuxent.comMay 7, 2012 | 10:12 p.m. The County Council Monday unanimously passed a bill that will prohibit a property owner from obtaining a county rental license if they are more than 30 days behind on their condominium association or homeowner association fees. “The key is that we want to ensure that those who are renting.. read more →

16 May 2012
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Nation’s Housing: Major condo headache

By: REBECCA MCILWEE | TriCities.com Published: May 13, 2012 WASHINGTON— Is a little-publicized switch in federal mortgage policy causing huge problems for condominium sellers, buyers and homeowner association boards across the country — even depressing prices and blocking refinancings? Condo industry leaders, from the 30,000-member Community Associations Institute to individual unit owners and realty agents, are emphatic that.. read more →

16 May 2012
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ADA vs FHA: How do they affect Community Associations?

ADA vs FHA: How do they affect community associations? by: Bill RaphanJanuary 12th, 2012 | 10:16 AM Sun Sentinal: Click here for the article.  The Americans with Disabilities Act and the Fair Housing Act have several similarities. Both outlaw discrimination against individuals with disabilities, require reasonable accommodations and modifications, and mandate features of accessibility, design, and construction… read more →

12 Jan 2012
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FHA Approvals: Florida to California

By Paul Owers, Sun Sentinel9:25 p.m. EST, November 27, 2011 Sellers of South Florida condominiums, buffeted by the devastating housing downturn, are bracing for another blow caused by prospective buyers’ problems getting mortgages. Buyers who want loans backed by the Federal Housing Administration are being shut out of buildings that no longer qualify for FHA financing. That likely will.. read more →

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.. read more →

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.. read more →

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.. read more →