New Law Eases Condo Lending Requirements

H.R. 3700, the “Housing Opportunity Through Modernization Act,” officially became the law of the land over the weekend with the signature of President Barack Obama.

NAR President Tom Salomone hailed Senate passage of the legislation earlier this month, saying H.R. 3700 will “put the dream of homeownership back in reach for more Americans.”

Realtors® have reason to celebrate today as legislation easing restrictions on FHA financing for condominiums is finally signed into law,” Salomone said. This is a long-awaited victory for NAR and for homebuyers for whom condos are an important and affordable option.”

In particular, Salomone praised sections of the bill that reform current Federal Housing Administration restrictions on condominium financing, noting that condos represent an affordable option for low and moderate-income buyers, as well as first-time buyers. He also showed NAR’s appreciation for the work on Capitol Hill that went into passing the bill.

“NAR thanks Reps. Blaine Luetkemeyer (R-Mo.) and Emanuel Cleaver (D-Mo.), as well as Sens. Tim Scott (R-S.C.) and Robert Menendez (D-N.J.), for helping usher this legislation

Watch a video or read more to get more information at: http://narnewsline.blogs.realtor.org/2016/08/01/video-nar-condo-legislation-signed-into-law/

disclaimer: for information and entertainment purposes only

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s