“Back in the day” it was easy to get a loan if you had a credit score of 800, if you had a banking relationship, and had 20% down. In today’s world that might not be enough. As this complaint shows, lenders are scrutinizing condominium association finances and financial protections. FHA, Fannie MaeGo to Resource
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CAI has filed an administrative challenge to provisions of the FHA Mortgage Insurance Guidelines issued on June 30, 2011, with the Office of Information and Regulatory Affairs. To read more about the challenge see CAI’s Mortgage Matters Blog. If your condominium community has not yet sought FHA certification time may be running outGo to Resource
Business owners wishing to sell their business typically use one of two types of agreements when selling their business. Asset purchase agreements provide for the sale of the business by selling all, or substantially all, of the businesses’ individual assets to the purchaser. Stock or equity purchase agreements allow the assets of theGo to Resource
Most of the new guidelines set forth in the new Condominium Project Approval and Processing Guide became effective June 30, 2011; however, one new guideline which proves to be particularly concerning for associations does not become effective until August 30, 2011. Section 2.4 of the new guidelines requires a Project Certification to beGo to Resource
As part of ongoing discussions with representatives from HUD and CAI, we are looking for stories from Board members and/or managers of condominium associations that have been negatively impacted by FHA guidelines (lost sales, unable to qualify, increased costs due to insurance requirements, etc.). If you have experienced any impact from FHA thatGo to Resource