The Federal Housing Administration (FHA) recently issued its long-awaited proposed rule regarding standards for condominiums in which individual unit owners are eligible to obtain FHA-insured loans. However, final action awaits review by new housing agency officials in the Trump Administration.
Mortgages backed by the FHA allow borrowers to make a lower down payment and have less stringent financial qualification criteria than conventional mortgages. Of the estimated 150,000 condominium nationwide, fewer than 10,000 are certified for FHA-insured loans. Continue reading →
The election of Donald Trump as the President of the United States ushers in uncertainty for a variety of federal housing policies which affect the financing and governance of homes in community associations–condominiums, homeowner associations and housing cooperatives. During the election campaign, Trump said little about the federal role in promoting homeownership.
But, his support for reduced government regulation and the 2016 RepublicanPlatform provide clues about how a Trump Administration may impact community associations. Continue reading →