Sellers should ensure that condo projects are on approved list for FHA mortgages
Los Angeles Times
Reporting from Washington — Condominium owners who are trying to sell in today’s agonizingly slow housing market should make sure that their community is on the Federal Housing Administration’s approved list. Ditto for someone who is thinking about refinancing a condo. Under a little-noticed edict put in place in December, the FHA is no longer approving mortgages on condominium units on a spot, loan-by-loan basis. Now the entire project must be cleared by the agency before a buyer can purchase a unit in the community with a government-insured mortgage or an owner can trade in his loan for a less expensive one backed by the FHA.
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HOA’s and the Foreclosure Crisis Continue
CAI National reports that “A recent survey of 1,500 community managers across the country affirms that many community associations continue to struggle with issues associated with the mortgage foreclosure crisis and related economic downturn. Forty-five percent of community managers say their client associations still face “serious” problems as a result of the housing and economic slump, while 9 percent describe the impact as “severe.” Assessment delinquency rates have more than doubled since 2005.