Posted on February 12, 2016 - 11:53 AM
by Estefene Nestor
Congress Moves on Making Condo Financing Easier: The House of Representatives have passed legislation that eliminates barriers to financing condo purchases. According to the National Association of REALTORS® (NAR), HR3700 the "Housing Opportunity Through Modernization Act" will reduce the owner occupancy ratio to 35% and streamline the FHA certification process. Another provision could have a direct impact on financing for much of the new high-density residential development underway in our local communities because this law would offer greater flexibility for financing condos in mixed-use developments.