FHA Single Family Loan Guarantee Program Changes

The National Association of Realtors is reporting that members of the House and HUD are trying to ease the very restrictive FHA requirements for purchasing condos with FHA.

 Highlights of the bill--
  •  Ease FHA’s restrictions on the purchase and sale of condominiums.  The bill includes changes to the certification process, owner/occupancy ratio, commercial space requirements, and transfer fees.  NAR has been pushing FHA on these changes for more than 3 years.
     
  • Provide the Rural Housing Service with delegated endorsement for approved lenders.  NAR has been pushing for this provision for over a year, that will streamline the use of RHS loans and speed up processing times.
     
  • Provisions to preserve and expand affordable rental housing.  These provisions will reduce burdens for the owners and managers of these Section 8 properties and provide greater opportunities for low income tenants.

    • More details are here--

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