Last week, President Obama signed H.R. 3700, the “Housing Opportunity Through Modernization Act. The legislation includes reforms to current Federal Housing Administration restrictions on condominium financing, among other provisions, and was long supported by both C.A.R. and NAR.
Changes include efforts to make FHA’s recertification process “substantially less burdensome,” while lowering FHA’s current owner-occupancy requirement from 50 percent to 35 percent. The bill also requires FHA to replace existing policy on transfer fees with the less-restrictive model already in place at the Federal Housing Finance Agency.
This legislation will help offer relief to well-qualified potential home buyers who have been facing tight housing inventories, rising home prices, and strict mortgage credit underwriting guidelines.
C.A.R. thanks the 19,000-plus California REALTORS® who responded to NAR’s Call-for-Action and urged their senators to pass this legislation and offer relief to home buyers.