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New Law Makes it Easier for FHA Buyers to Buy Condos

By
Real Estate Broker/Owner with Providence Group Realty TREC# 0608931

“REALTORS® have reason to celebrate today as legislation easing restrictions on FHA financing for condominiums is finally signed into law,” says NAR President Tom Salomone. “This is a long-awaited victory for NAR and for home buyers for whom condos are an important and affordable option.”

H.R.3700 - Known as the Housing Opportunity Through Modernization Act of 2016 (and nicknamed the Condo Bill) makes FHA's recertification process less burdensome for condo properties, reduces requirements for owner occupancy rates,  and eases restrictions against all private transfer fees for residential loans. 

 



Now that the bill has been signed into law, there will be a short regulatory process that follows to complete implementation and notification for the changes. 

“Condominiums often represent an affordable option that’s just right for first-time and low-to-moderate income home buyers,” Salomone said.  This is good news for FHA Buyers, who often struggle to find properties compatible for their loan type.

 

Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I am happy for the folks who this will make a difference in their client's ability to buy.  But I live/work in a mostly second home market and no one uses FHA loans 

Aug 01, 2016 02:45 PM