On March 11, NAR sent a letter HUD Secretary Fudge. The letter congratulates the Secretary on her confirmation and offers a series of recommendations to improve the Federal Housing Administration (FHA) approval process for FHA condominium loans:
-
Publishing more transparent and detailed guidelines for FHA condo project approval.
-
Giving lenders more autonomy in determining a project’s eligibility for FHA approval.
-
Relieving administrative burdens of condominium association boards and managers
-
Focusing FHA’s approval on projects a lender certifies as meeting key criteria for approval.
-
Still requiring a full FHA review for certain types of projects or characteristics.
Coalition Letter to HUD Secretary Fudge Regarding FHA Condo Loan Recommendations
Issue Date: March 11, 2021
Download Letter