Senate Unanimously Passes Bipartisan Condo Legislation
Our client Jerry Garner from TowneBank Mortgage sent us a copy of this article that we found very interesting.
The U.S. Senate approved legislation by unanimous consent that is designed to make FHA's condo recertification process substantially less burdensome. H.R. 3700, the "Housing Opportunity Through Modernization Act," passed the House of Representatives by a 420-0 vote in February.
The legislation now goes to President Obama’s desk for his signature. Under the Act, FHA must:
- establish and implement a recertification process that is substantially less burdensome than initial certification
- cease and desist from rejecting condominiums that use transfer fees to fund association operations
- lower the owner occupancy limitation from 50 percent to 35 percent
- provide additional flexibility for condominium projects with commercial space
The Department of Housing and Urban Development is drafting a proposed rule that will make further changes to its condominium approval guidelines.
Call/text 843-900-0155 to start the process and get pre-approved to buy a condo/townhome.
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Are you 62 years or older and have substantial equity in your home? Did you know you senior buyers can now use a Home Equity Conversion Mortgage for Purchase to buy a BETTER next home than you would normally be able to afford, with NO MONTHLY PAYMENTS? Call/text 843-900-0155 to ask how. Or visit Jerry Garner's website from TowneBank Mortgage.
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