CAI Releases FHA Certification Guide

Sep 25, 2014


In today's housing market, the U.S. Department of Housing and Urban Development (HUD) Federal Housing Administration (FHA) plays a major in role in housing finance through its Condominium Mortgage Insurance Program. FHA issued regulatory guidance to set standards condominium associations must meet in order for a purchaser to qualify for FHA financing. The process for communities to meet these standards can be difficult to navigate as new rules are developed and implemented. 

For this reason CAI has designed a guide for its membership to navigate the FHA Certification process. This guide will  help homeowner volunteers and board members better understand the FHA Certification process while potentially saving them valuable time and money. Securing FHA Certification allows homeowners greater access to homebuyers while allowing homebuyers more options to become homeowners. 

CLICK HERE to download a copy of The CAI Guide to FHA Certification
• According to the Foundation for Community Association Research (FCAR), there are approximately 145,000 to 155,000 condominium projects in the U.S. Approximately 10 percent, or 14,650, of these projects are FHA certified. 

• According to FHA data, in 2011 approximately 20 percent of the nearly 7,000 condominium projects seeking FHA approval were denied. In 2013, approximately 60 percent of the 3,500 condominium projects seeking FHA approval were denied.

If you have any questions or comments regarding FHA Certification or CAI's continued advocacy efforts to obtain housing finance reform that will benefit both homeowners and community associations, please contact CAI Government Affairs at government@caionline.org or (888) 224-4321.

CAI Government Affairs represents the interests of the 62.5 million people living and working in America's community associations on legislative and regulatory issues at the local, state, and federal level of government.
 

by: Michael Hedge | CAI Government Affairs


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