Have you ever tried to buy a condo in your favorite neighborhood only to have it "shot down" for FHA financing? Here's hope for a change to all that.
HR 3700 - A new law signed by President Obama
Major highlights are the bill will make FHA's re-certification process "substantially less burdensome" and will lower FHA's owner-occupancy requirement from 50 percent to 35%. The bill also required the FHA t replace an existing policy on transfer fees with a less restrictive model that has already been in place at the Federal Housing Finance Agency.
To learn more about this exciting development, click on the image below or CLICK HERE.
- Owner Occupancy
- Private Transfer Fees
- Commercial Space
- Board re-certifications streamlined and amended