FHA Condo Approvals Modernization Legislation Now Federal Law

President Obama signed into law H.R. 3700, known as the Housing Opportunity through Modernization Act, on July 29, 2016. The statute revises the process by which condominium purchasers may qualify for FHA mortgage insurance. The new rules are in response to the 2009 FHA recertification rules that were viewed as too burdensome for most associations and, therefore, made it more difficult for purchasers to qualify.

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