HR 3700 Good News For Condo Buyers
( And Sellers)
The President has signed Bill HR 3700 ( the Condo Bill ) into law and this is good news for condo buyers and sellers. Why is Bill HR 3700 Good News For Condo Buyers? This bill will make it easier for everyone looking to buy or sell a condo. The bill reduces owner-occupancy requirements form 50% to 35%, makes it easier for condo boards to get certified for FHA financing and allowing transfer fees. The bill stops FHA from rejecting condo complexes because they collect transfer fees on sold units. The funds collected benefit all residents because they are used to support HOA activities.
The FHA restrictions on condo community eligibility for financing became so burdensome by requiring complicated re-certifications every two years — that the majority of condo associations left the program. Less than 14,000 of the 152,000 condo associations in the United States are now eligible for FHA loans.
Hopefully these changes be sufficient to revive the FHA’s condo program?
If you are looking to Buy or Sell a condo in The San Fernando Valley Click On the Links Below to get started.