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The California Housing Finance Agency (CalHFA), established in 1975, is an independent California state agency within the California Department of Housing and Community Development that makes low-rate housing loans through the sale of taxable and tax exempt bonds.
For a condominium, the appraiser will complete a Condominium Unit Appraisal Report. In addition to reviewing the home’s condition, the appraiser will provide the FHA with an opinion regarding ...
The Affordable Housing and High Road Jobs Act of 2022 (AB 2011) is a California statute which allows for a CEQA-exempt, ministerial, by-right approval for affordable housing on commercially zoned lands, and also allows such approvals for mixed-income housing along commercial corridors, provided that such housing projects satisfy specific criteria of affordability, labor, and environment and ...
Additionally, Mortgagee Letter 2011-22 stipulates all other condominiums requesting FHA project approval may be required to submit a current (completed within the last 24 months) reserve study at their discretion or whenever financial documents do not appear to meet sufficient funding requirements of the condominium association. [17]
The Miami Herald reported in December mortgage lenders Fannie Mae and Freddie Mac maintain a list of condominiums unapproved for the acquisition of loans. Fannie Mae and Freddie Mac to add ...
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However, by requiring approval of tenants and new owners, HOAs still have the potential to permit less formalized discrimination. In 1963, the FHA had approved federal home mortgage insurance exclusively for condominiums or for homes in subdivisions that had a qualifying HOA. The rationale was that developers wanted to get around density laws.
HUD-1 Settlement Statement. The HUD-1 Settlement Statement is a standardized mortgage lending form in use in the United States of America on which creditors or their closing agents itemize all charges imposed on buyers and sellers in consumer credit mortgage transactions.
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