Good news for potentially thousands of condominium unit owners and homeowners association boards around the country: FHA has backed off a controversial policy that had threatened to force large numbers of condo projects out of compliance with the agency’s certification and recertification rules. Loss of certification would mean that affected projects no longer would be eligible for low down payment FHA financing on any of their units. As a result, buyers who need FHA loans would be shut out, unit owners would find it more difficult to sell, and property values would suffer. Problems with FHA’s certification rules have been bugging condo associations for more than two years, and have dramatically reduced the number of projects eligible for FHA unit financing -- down by more than a...
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