The newly signed bill “Housing Opportunity Through Modernization Act” is
great news for condo buyers and sellers!
“Condominiums often represent an affordable option that’s just right for first-time and low-to-moderate income home buyers,” NAR President Tom Salomone said in a statement after the Senate approved the bill in July. “Overly burdensome restrictions on condo financing have for too long put that option out of reach for many creditworthy borrowers. This legislation meets those restrictions head on, putting the dream of home ownership back in reach for more Americans.”
This bill relaxes the FHA financing restriction on condos that had been a major barrier to affordable housing options.