1-888-800-1042
Kaman Cusimano Logo

Condo | HOA Lawyers

FHA Condominium Approval Addressed at Realtors Conference

To obtain FHA-insured financing on a condominium unit, whether for a forward mortgage, reverse mortgage, or re-financing, the condominium association must first be approved by HUD and appear on the FHA listing of approved condominiums and comply with FHA’s extensive regulations.  Consequently, FHA’s data shows that as many as 60 percent of associations seeking FHA condominium approval in 2013 were denied.

Recently, a housing program officer with the Department of Housing and Urban Development describes the top reasons properties are being denied, including financial instability and insufficient insurance, with the National Association of Realtors.  To view more about this story, please click here:

http://www.realtor.org/news-releases/2013/11/overly-restrictive-fha-rules-making-it-harder-for-consumers-to-buy-sell-condos

For more information on FHA financing including pros and cons of FHA approval, eligibility requirements, and the approval process Kaman & Cusimano, LLC service option client board members should read the article “FHA Financing—Is Becoming FHA Approved Right for Your Association” by Attorney Jeffrey E. Kaman available on ATLAS in the “Kaman Reports” Section.

Categories

Three bars icon gold

Recent blog Posts

Three bars icon gold

Partner Nicholas Meinert Presents at Northern Ohio CAI Chapter on the Corporate Transparency Act

On June 14, 2024, Partner Nicholas Meinert presented to the Northern Ohio Chapter of the ...
Read More →

Partners Dan Miske and Lydia Chartre presented at Wisconsin’s Chapter of CAI on reserves and lending

On May 23, 2024, Partners Dan Miske and Lydia Chartre presented a webinar for the ...
Read More →

Strengthening Community Associations: The Vital Role of a Comprehensive Assessment Recovery Policy and Procedure

Community associations are founded on principles of shared responsibility and collective maintenance. From maintaining common ...
Read More →

Partner Nick Meinert presented at OLCA’s Spring Conference

Partner Nicholas Meinert gave a presentation at the 2024 Ohio Lake Communities Association’s Spring Conference. ...
Read More →