Feb 29, 2012
FHA sorta kinda might tweak condo rules
29 Feb 2012
Posted by Andrew Kantor
Not too long ago we told you how FHA changed tightened its rules for condos to have their units certified for FHA loans — and then required every condo in the country to re-apply for that certification. The result is that condo owners who try to sell are finding they’ve lost a good portion of their market because their association hasn’t done the paperwork. (Click here to read that story.)
Anyway, some Democratic congressmen wrote to HUD secretary Shaun Donovan, pointing out that a lot of condo associations were having trouble meeting the new guidelines.
Result: FHA head Carole Galente said that yes, some “adjustments” in the requirements could happen. Her exact phrase:
“I will commit to you here that some of these I think we can make some adjustments.”
Translation: I promise that maybe we’ll change things.