Good news for Realtors, lenders and condominium unit owners who’ve been frustrated by FHA’s prohibition of “spot loans” in developments that haven’t obtained certification: The agency is now seriously exploring how to relax its ban and bring them back. Officials are mum on the details and timing, but they confirmed to me on Friday that reviving this key financing option is now under active study. The main reason: FHA is under growing political and trade group pressure -- NAR and the Community Associations Institute especially -- to do so. Spot loans are important for sellers whose condo associations’ boards of directors have chosen not to apply to FHA for approval of the entire development. Under current rules, without FHA certification of the project as a whole – based...
Apr 2, 2014 by Andrea V. Brambila
Jan 28, 2014 by Ken Harney
Dec 2, 2013 by Inman