FHA eases restrictions on condo mortgages

The Federal Housing Administration (FHA) is preparing to change its rules on condominiums (condos) that currently cause large numbers of units to be ineligible for low-downpayment insured mortgages. Under the FHA’s current regulations, only 25% of all condo projects potentially eligible for FHA-financing are approved. The FHA’s condo mortgage requirements have denied many buyers mortgages,…

HOAs: What You Need To Know About Rules

By Blanche Evans If you live in a newer suburban community or planned unit development, you—like some 59.5 million other Americans, according to the Community Associations Institute—are probably a member of a homeowners association. It’s also a good bet that you haven’t given your HOA much thought until you have a problem. Since HOAs make…