FHA CONDOMINIUM MORTGAGE INSURANCE REGULATIONS

The Federal Housing Administration (FHA) is developing revised approval eligibility criteria for FHA mortgage insurance which is scheduled to take effect November 2, 2009. The new eligibility criteria are expected to contain, amongst many new requirements, two key condominium reserve requirements including recent reserve studies and percent funding standards. The Community Associations Institute (CAI) has posted a “Heads-Up” document on their website. For additional information, please visit the CAI’s Heads-Up document.