Updates to FHA Condo Cert Guidelines
The Federal Housing Administration has agreed to soften the requirements for condo communities to receive certification for federally-insured mortgages. The policy update is a boon for both Phoenix condo buyers and condo sellers.
Buyers will benefit from easier access to mortgage money, while sellers will benefit from a larger potential pool of buyers. It’s worth noting, however, that the certification process is still rigorous and no doubt many property management companies will not take advantage of the opportunity.
The FHA also took measures to limit the liability of condo associations resulting from application requirements, which previously provided for huge fines and even the potential for prison time.
Read the details here.