Housing Opportunity Through Modernization Act of 2016

Well, that is a mouth full..."The Housing Opportunity Through Modernization Act of 2016" But what does this mean?  There are a lot of new things about this Act that have to do with rental units, public housing and assistance programs.  And these things are important and good but there is another thing in this that is eye catching.  For many many years, if you wanted to purchase a condo using an FHA loan, the entire building had to go through an application process that involved time, money and meeting certain requirements.  When the economy recovered, most buildings felt they could sell to people who weren't using FHA loans and subsequently they decided to not have their buildings certified to be "FHA approved" since it was a hassle with the time and money to do so.  But that left people who were using FHA loans very limited choices on what they could buy.  If a house was not an option to purchase, and condo buildings weren't allowing people with FHA loans, then they were not able to make a purchase.  But this new Act could possibly loosen those tight strings and red tape and have it be that the entire building doesn't need to go through an application to have someone buy a unit using an FHA loan. But instead, the loan would be solely based on the unit the person is interested in purchasing.  This is quite a big deal and would allow people who need to use an FHA loan to purchase many more options.  Call your loan officer for more information if you would like to use an FHA loan on a condo.  Also, you can read more about it here https://www.congress.gov/bill/114th-congress/house-bill/3700

And when you are ready to buy or sell, please call me.  I'm always here to help