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.

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Mortgage / Finance
Location:
Texas Collin County Plano

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
2,869,448
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 #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
158,829

Amanda Thomas

​Broker, SRES®, BPOR, MCNE, ​Certified DRS Agent™
Ask me a question
*
*
*
*
Spam prevention

Additional Information