The U.S. Department of Housing and Urban Development (HUD) released its annual report to Congress on the financial condition of the Federal Housing Administration Mutual Mortgage Insurance Fund yesterday. In a statement issued today, FHA acknowledges that it continues to be impacted by losses from mortgages originated prior to 2009. In its statement,Go to Resource
Category: National Legislation
HUD has issued FAQ’s as a follow up to the recently issued ML 12-18 regarding temporary FHA condominium approval guidelines. The temporary guidelines, are effective until August 31, 2014, unless otherwise extended by FHA. Many of the temporary guidelines do not apply to existing condominium communities; however, the major changes with respect toGo to Resource
As we reported yesterday, FHA released Mortgagee Letter 2012-18 on September 13, 2012. A summary of the changes, that are most important to existing condominium associations, are discussed below. Now is a good time to reevaluate whether your community meets the threshold requirements: The delinquent assessments requirements have been changed to set forthGo to Resource
The long awaited revisions to the FHA Condominium Project Approval Guidelines were released today. The revisions are contained in Mortgagee Letter 2012-18 and apply to any applications for approval or recertification filed after today. The 12 page mortgagee letter contains revisions to key requirements such as non-residential/commercial space (live/work projects), investor ownership, ownerGo to Resource
FHA Officials have advised CAI of their intent to release revisions to the existing condominium approval guidelines prior to September 2, 2012. Per CAI’s MortgageMatters post, the revisions are intended to provide flexibility for condominiums while enhancing risk management standards enforced by FHA. While we do not expect the revisions to offer substantiveGo to Resource