According to a news release from the Department of Housing and Urban Development (HUD) several days ago, there are over 150,000 condominium projects in the United States, but “only 6.5 percent are approved to participate in FHA’s mortgage insurance programs.” In an effort to make Federal Housing Administration (FHA) loans accessible to more prospective purchasers of condominium units and because HUD estimates that 84% of FHA-insured condominium unit buyers are first time homeowners, HUD has announced some pretty significant changes to FHA regulations.  These major changes will become effective on October 15, 2019 and include:
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A couple of months ago we informed you of major changes coming to resale disclosure requirements and the fees that can be charged for preparing those disclosures.  Those changes went into effect on July 1, 2018 and we wanted to remind you that you must now be complying with those changes.

Every homeowners association disclosure for both initial sales by the developer and resales is required to include a form developed by the Common Interest Community (CIC) Board titled “Property Owners’ Association Disclosure Packet Notice.”  This form has always been required for homeowners associations initial sales and resales but the form has been revised to include multiple additional disclosures enacted by the Virginia General Assembly.
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