Over the past few months we have experienced some push back from FHA regarding some communities seeking FHA approval or recertification where the Association has a pending loan or where the association has pending repairs in the community resulting from a construction defect claim. While there are no written guidelines or restrictions prohibitingGo to Resource
Category: National Legislation
Most of the new guidelines set forth in the new Condominium Project Approval and Processing Guide became effective June 30, 2011, including provisions regarding new insurance requirements for associations and management companies. One problematic provision in the new guidelines is the requirement in Section 2.1.9 which states that any homeowners association engaging theGo to Resource
The House Financial Services Committee’s Subcommittee on Insurance, Housing and Community Opportunity hosted a hearing on September 8 examining the role of FHA in the mortgage markets. Acting FHA Commissioner Carol Galante testified to FHA’s role in the post crash housing market and noted progress made by FHA in ‘improving’ the condominium insuranceGo to Resource
Last week the FHA Commissioner announced that FHA’s new mortgage insurance premium structure will become effective with new loans starting October 4, 2010. The new structure will result in a lower upfront premium but an increase in the annual premium. The question is what impact will this have on our ever-so-fragile real estateGo to Resource
CAI has filed an administrative challenge to provisions of the FHA Mortgage Insurance Guidelines issued on June 30, 2011, with the Office of Information and Regulatory Affairs. To read more about the challenge see CAI’s Mortgage Matters Blog. If your condominium community has not yet sought FHA certification time may be running outGo to Resource