CAI Slams Latest FHA Guidance

As we reported on July 31st (follow this link), FHA’s Revised Condominium Guidance Solves Some Problems But Creates Many More. Community Association’s institute (CAI) has been actively addressing the issues. In a July 22 letter to the Office of Information and Regulatory Affairs (OIRA), CAI asserts that the Federal Housing Administration (FHA) “failed to undertake even the most basic due diligence” in its latest mortgage-approval guidance. CAI wants OIRA to require FHA to re-examine its June 30 guidance, which CAI says will prevent many condominium associations from meeting FHA-certification guidelines. “We hope OIRA will take whatever steps are necessary to ensure that FHA conducts a more thoughtful, thorough and transparent analysis,” said CAI Chief Executive Officer Thomas Skiba, CAE. Read more. Visit Mortgage Matters to learn more about what CAI is doing on behalf of HOAs, condominium communities, homeowners, prospective homebuyers and the housing market.