HR 3700 Â– Housing Opportunity Through Modernization Act
Good news! New legislation has made FHA certification and recertification of Condos less cumbersome and smoother. All branches of the Federal Government have signed this legislation into Law.
Why is this an important piece of legislation?
Condos and specifically, FHA financing, represent a significant part of buyers entering the market or reentering the market after a Foreclosure or Bankruptcy.
Currently, in Palm Springs there are only 6 FHA-certified condo developments out of approximately 250 condo developments. That is a lot! That is dismal news to a first-time home buyer that may only be able to afford a condo and doesn’t have a large down payment. FHA is an answer, but only if the condo development is FHA certified.
We should see these numbers go up in the coming years, but as we know, it takes government time to put into place changes that are legislated. However, that being said, it will make a difference in the long run.
Here is a full article from RIS Media:
Here is the Law from the 114th Congress: