If you own a condo and are considering selling or if you are considering buying a condominium recent legislation has been passed by the House of Representatives that will make it a lot easier.
In the past the owner occupancy ratio of condominiums in order to get FHA financing had to be at least 50 % or financing was not available. Also approvals for FHA financing was a lengthy and difficult process.
Well GREAT NEWS!!!!
The House of Representatives passed, “Housing Opportunities through Modernization Act” with a unanimous vote of 427-0! This legislation sponsored by Reps. Luetkemeyer (R-MO) and Cleaver (D-MO) includes three major provisions that NAR supports:
- The legislation solves a number of concerns regarding FHA’s condo rules:
- Reduces owner occupancy ratio to 35%.
- Directs FHA to streamline condo certification process.
- Provides more flexibility for mixed use buildings.
- Mirrors FHFA rules regarding private transfer fees.
- The legislation provides permanent authority for direct endorsement for approved lenders to approve Rural Housing Service loans.
- The legislation makes reforms to federally assisted rental housing programs to streamline the program.
The bill now moves to the Senate.
Be sure to contact the appropriate Senate member to express your endorsement of this important legislation.
Oh and remember when you are thinking of selling or buying a condominium anywhere in Newport County be sure to contact the experts in condominiums for knowledgeable information about condos. Contact the MT and Thomas Team