Condominiums losing value over FHA status
Condominium associations that have discovered their Federal Housing Authority certifications are expired have scrambled to restore home values by re-applying for the status.
Recent policy changes for the Federal Housing Authority’s condominium certification is causing problems for buyers, sellers and homeowners’ associations. And many don’t even know they’re in trouble yet. The Federal Housing Authority established a new policy in June that requires all condominium projects to reapply for FHA certification every two years. Since then, FHA certification [...]
Continue reading …The Federal Housing Administration will soon impose its own version of the Home Valuation Code of Conduct on its member mortgage lenders. HVCC legislation, passed last May, prohibits any discussion between mortgage company representatives and appraisers regarding home values. As a result, some appraisers are now forced to work through a middle man – appraisal [...]
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