On November 28, 2016, NAR submitted a comment letter to the Federal Housing Administration (FHA) regarding proposed changes to FHA Condominium certification requirements. Many of the proposed changes align with areas REALTORS® have expressed a need for more lenience and reflects NAR advocacy on these matters. The NAR letter specifically asks FHA to:
- Remove the strict requirement on owner-occupancy levels, with a minimum of implementing HR 3700 standard of allowable 35% owner-occupancy without additional requirements;
- Allow 100% FHA loan concentration in… Read More
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