http://realtormag.realtor.org/daily-news/2016/08/01/fha-condo-relief-coming-president-signs-bill?om_rid=AADG2i&om_mid=_BXn5w1B9Qgwton&om_ntype=RMODaily
This is FANTASTIC for buyers and sellers. Very few condos qualify for FHA loans, this will help many buyers trying to use FHA loans to purchase!
The bill will make Federal Housing Administration’s recertification process “substantially less burdensome” and will lower FHA’s owner-occupancy requirement from 50 percent to 35 percent, NAR has reported. The bill also requires the 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.
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