Condo rules need reform to keep homes affordable

Condominiums have historically been our most affordable site-built homeownership option. However, escalating insurance costs, concerns about the structural integrity of condos, and more stringent underwriting requirements threaten to undermine the advantages of this critical home purchase option.

Is there a way forward that addresses these new concerns about condos, but maintains the cost advantages that condos have that make them so affordable?  

READ MORE: Lenders get a better view of condo blacklist but want more

The answer is yes.  But it will take a balanced and concerted effort on the part of federal mortgage insurance programs (e.g., FHA, Fannie Mae, and Freddie Mac), increased scrutiny by…