Win For REALTORS Senate OKs Condo Legislation

Win For REALTORS Senate OKs Condo Legislation


The National Association of REALTORS® is celebrating a long-sought victory, calling the Senate’s latest action a “significant step” toward eliminating barriers to safe, affordable mortgage credit for condos.

On Thursday night 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 “substantially 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,” says Tom Salomone, NAR’s president. “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.”

Many would-be home buyers have been hampered recently by tight housing inventories, rising home prices, and strict mortgage credit underwriting guidelines. This legislation, Salomone says, will offer a clear path for well-qualified borrowers to purchase a home when they’re ready.

More than 100,000 REALTORS® responded to a call for action from NAR. Sen. Tim Scott (R-S.C.) and Sen. Robert Menendez (D-N.J.) co-sponsored the legislation. Rep. Blaine Luetkemeyer (R-Mo.) and Rep. Emanuel Cleaver (D-Mo.) co-sponsored the House version, which passed Feb. 2. President Obama is expected to sign the bill.

“We look forward to seeing this legislation signed into law so home buyers can start seeing some much-needed relief,” Salomone says.

Source: National Association of REALTORS®

Morrie Finkelstein Headshot
Phone: 754-234-0637
Dated: July 21st 2016
Views: 166
About Morrie: ...

Property Search

RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Is The Increase In Inventory A Bullish Or Bearish Sign For Real Estate - The increase in housing inventory
Oct 18 2018 59190 1 - Elegant landscape designs can
Boo Best Halloween Events In Palm Beach County - Whether your idea of a Happy
How To Improve Your Credit Scores In 30 Days - How To Improve Credit Score In 30

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Exit Realty Premier Elite
8961 Hypoluxo Road
Lake Worth, FL

Other Locations