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Showing posts from August, 2016

PURCHASING A CONDO WITH MORTGAGE WILL SOON BECOME EASIER!

FHA condo relief coming: President signs bill WASHINGTON – Aug. 2, 2016 – President Obama has signed H.R. 3700 – the "Housing Opportunity Through Modernization Act" – into law. The move paves the way for more condo sales, especially in Florida. First-time buyers will soon find it easier to qualify for a mortgage in more condo developments, and, as a result, more current condo owners will find it easier to move up to a single-family home. The National Association of Realtors® (NAR) hailed the development as a "significant step" in eliminating barriers to safe, affordable mortgage credit for condos. The bill previously passed both the U.S. House and Senate with a unanimous vote. It passed the House in February and the Senate two weeks ago. NAR, an advocate of the bill, testified before Congress and lobbied for passage. Passage was also the topic of NAR's recent Call for Action, where it asked Realtors nationwide to write to their lawmakers an