A win for REALTORS: Senate passes condo bill

Last Thursday, the U.S. Senate unanimously passed H.R. 3700, the "Housing Opportunity Through Modernization Act," which included reforms to current Federal Housing Administration restrictions on condominium financing. The National Association of REALTORS (NAR) has long supported this legislation. The changes are expected to make FHA’s recertification process less burdensome and will lower FHA’s owner-occupancy requirement from 50 percent to 35 percent, NAR reports. The bill also requires FHA to replace an existing policy on transfer fees with a less-restrictive model that has already been in place at the Federal Housing Finance Agency. Learn more here.