Unanimous Vote For FHA Condo Legislation

Unanimous Vote For FHA Condo Legislation

  Both the House and the Senate approved a bill by unanimous consent that will change FHA condo rules.  New legislation will streamline the FHA’s certification requirements, relax owner-occupancy requirements, and make condo financing more accessible.   On July 14, 2016, the Senate passed H.R. 3700, the “Housing Opportunity Through Modernization Act” that has been long supported by the National Association of Reatlors®.  The bill passed by unanimous consent (427-0) in the House of Representatives in February, and will now continue on to President Obama’s desk for his signature. The new bill will make the Federal Housing Administration’s (FHA) recertification...Read more