New Federal Law Eases FHA Restrictions on Condominium Mortgage Loans

Congress has just enacted new legislation on housing that should have a positive effect on condominium mortgage loans. The new law requires the US Department of Housing and Urban Development (HUD) to loosen the burdensome restrictions that, in recent years, have made it more difficult for condominiums to qualify for FHA-backed mortgage loans. This is […]

What percentage of homeowners must approve changes to our covenants?

Q: Our community is attempting to amend our declaration of covenants, conditions and restrictions (CCRs). Our HOA’s community manager told us that under North Carolina General Statutes Chapter 55A (the North Carolina Nonprofit Corporation Act), if an HOA’s board of directors calls a meeting for members to vote on a proposed amendment and not enough […]