Congress Moves on Making Condo Financing Easier

The House of Representatives have passed legislation that eliminates barriers to financing condo purchases. According to the National Association of REALTORS® (NAR), HR3700 the "Housing Opportunity Through Modernization Act" will reduce the owner occupancy ratio to 35% and streamline the FHA certification process. Another provision could have a direct impact on financing for much of the new high-density residential development underway in our local communities because this law would offer greater flexibility for financing condos in mixed-use developments.

The Senate is scheduled to consider the legislation soon.
More info here--
http://www.realtor.org/articles/house-unanimously-passes-condo-bill

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