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Effective February 1, 2010, the Federal Housing
Administration (FHA) imposed new requirements for
condominium projects. FHA insured mortgages are no
longer available for the purchase or refinance of a
condominium unit unless the condominium project, in
which the unit is located, has been certified by the
FHA. Also, many lenders who process conventional
mortgage loans are now requiring that condominium
projects meet all of the requirements for FHA
Certification before they will grant any conventional
mortgages to purchase or refinance a condominium unit.
There
are some potential risks to eligible condominium
associations that do not pursue FHA Certification.
Frustrated co-owners may take action to find the
association liable for the loss of sales opportunities
due to the association’s refusal to pursue FHA
Certification. Such claims may conceivably include the
argument that property values were diminished on account
of the association’s refusal. There may also be the
possibility of a Civil Rights complaint being lodged
against the association, claiming that the association
had some illegal discriminatory motives to exclude
certain persons from purchasing units in the condominium
complex. These potential risks should be taken into
consideration when deciding whether to pursue FHA
certification for your condominium project.
Our
firm provides assistance to condominium associations
that which to pursue FHA Certification. FHA
Certification is valid for a two (2) year period. Once
the association has obtained initial FHA Certification,
an application for FHA Re-Certification may be submitted
up to six (6) months prior to and after the initial FHA
Certification expiration date. If you are interested in
pursuing FHA Certification for your condominium project,
please contact our office and we will be glad to provide
a proposal for assisting you in this process.
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Zelmanski, Danner & Fioritto, PLLC Law Firm and
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