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A win for REALTORS: Senate passes condo bill

Jul 15, 2016
On Thursday, the U.S. Senate unanimously passed H.R. 3700, the “Housing Opportunity Through Modernization Act,” which includes reforms to current Federal Housing Administration restrictions on condominium financing, among other provisions. The legislation has long been supported by NAR.

The changes are expected to make FHA’s recertification process less burdensome  and will lower FHA’s owner-occupancy requirement from 50 percent to 35 percent, NAR reports. The bill also requires FHA to replace an existing policy on transfer fees with a less-restrictive model that has already been in place at the Federal Housing Finance Agency.

"Condominiums often represent an affordable option that’s just right for first-time and low-to-moderate income home buyers,” said Tom Salomone, NAR presidnet in a statement. “Overly burdensome restrictions on condo financing have for too long put that option out of reach for many creditworthy borrowers. This legislation meets those restrictions head on, putting the dream of home ownership back in reach for more Americans.”

Read more here.
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