New HUD/FHA Changes

2020-01-23T14:05:38-06:00

By Tyler S. LaMarrAttorneyMiller Harrison LLC If you’ve ever worked with a Condo Association to obtain project approval for FHA financing, you are aware that the process can be cumbersome. It involves gathering and presenting governing documents, financial statements, and insurance policies, among other required documentation and certifications. Sometimes, applications are denied on inconsistent bases and additional documents are requested by the Department of Housing and Urban Development (“HUD”) before approval is granted. An association must prove it has adequate reserves and at times demonstrate it has kept up on appropriate maintenance for the age of the project. On August 14, [...]