Good news for Condo Buyers & Sellers

Condominium buying and selling just might become a whole lot easier with changes to long standing Federal Housing Administration (FHA) policies and restrictions dictated under legislation passed by the U.S. Senate this past Thursday.  H.R. 3700 the “Housing Opportunity Through Modernization Act” establishes reforms to the currently overly burdensome FHA certification process which condominium regimes must undertake in order for buyers to be to utilize FHA financing.  Included in these changes is a reduction in the number of units, from 50% to 35%, that must be owner occupied.   In our current market the fact is that a majority of condominium projects are not FHA  eligible thus limiting the pool of available buyers.  Hopefully this legislation will open this housing option to a greater number of otherwise credit worthy buyers. Source: National Association of Realtors®

Remember whether buying or selling, moving up or downsizing, Lincoln or Omaha, the Vaccaros; Paul & Susan, stand ready to assist you, your family, friends and co-workers.  Call or email us today!  Lincoln (402)817-0355 , Omaha (402)577-0820, info@WeSellNebraska.com  (Paul & Susan Vaccaro – CBSHome Real Estate 15950 W Dodge Road, Suite 200, Omaha, NE 68118 – Woods Bros Realty 3737 S 27th Street, Lincoln, NE  68502

Leave a comment