"Since condominiums are typically more affordable than freestanding homes, a simple but effective action to add to an emergency housing list would be to allow FHA to insure condos in projects approved by Fannie and Freddie but not by FHA. CAI strongly supports reciprocity between the U.S. Department of Housing and Urban Development's (HUD) Federal Housing Administration condominium certification process and the government-sponsored enterprises, Fannie Mae and Freddie Mac, CAI said in a statement."
"CAI applauds the Trump Administration for considering these critical efficiencies that would support millions of current and future condominium homeowners. Industry officials say the move would narrow a long-standing gap in approvals as many more condominium projects are cleared by Fannie and Freddie than by FHA. Condominiums remain among the most affordable entry points to homeownership. Per 2024 Zillow data, in the nation's 25 largest metro areas, the average condo is 54% more affordable than a single-family home."
CHLA represents independent mortgage banks that originate 84% of all mortgages, while CAI represents 7 million condominium, co-op and homeowners association residents. Both groups support allowing FHA to insure condos in projects already approved by Fannie Mae and Freddie Mac but not by FHA, and they back reciprocity between HUD's FHA certification and the government-sponsored enterprises. Streamlining the certification process aims to reduce bureaucracy, increase government efficiency, and expand access to affordable housing for working families. Industry officials note Fannie and Freddie clear many more condo projects than FHA. Zillow data shows average condos are substantially more affordable than single-family homes in large metros.
Read at www.housingwire.com
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