A couple of weeks ago the U.S. Senate passed the Housing Opportunity Through Modernization Act. This legislation includes reforms to current Federal Housing Administration restrictions on condominium financing. This will make it easier for first time home buyers, or anyone relying on FHA financing to purchase condos. This comes at a time where a lot of housing is unaffordable to most people. Condominiums will be a good option for people looking in the lower price range.
Not all condos will qualify, but the bill makes it easier for most. Previously FHA required a 50% or more owner-occupancy status of a development in order for it to qualify for FHA financing. They have lowered that number to 35%. To learn more about the bill and what the National Association of REALTORS® click here.
If you are wondering if you qualify and for how much check out our list of Preferred Lenders. As always contact us with any questions at (928) 714-0001.