Last week the U.S. Senate passed legislation that’s headed for the President’s desk that will lower the FHA owner-occupancy requirements and change other FHA regulations. What does this mean in the long run?
The current FHA restrictions on financing for condominiums made financing a condominium difficult, says Housingwire.com’s coverage of the testimony given on Capitol Hill. The new legislation requires FHA to replace existing policy on transfer fees with the less restrictive model already in place at the Federal Housing Finance Agency, according to the Housingwire.com article.
In the long run, this means potential condo-buyers will have opportunity for more flexible and affordable financing on this type of housing.
Kelsey Ramirez writes that condominiums, according to NAR President Tom Salomone, “represent an affordable option that’s just right for first-time and low-to-moderate income homebuyers”.
Sources: http://www.housingwire.com/articles/37545-condo-legislation-passes-in-senate-offers-relief-for-homebuyers ; http://www.housingwire.com/articles/35419-nar-lends-support-to-bill-that-would-overhaul-fha-condo-restrictions