Lake Oswego Real Estate New Condo Rules

The U.S. Senate passed H.R. 3700 a couple days ago, the “Housing Opportunity Through Modernization Act,” by unanimous consent. This legislation includes reforms to current Federal Housing Administration restrictions on condominium financing, among other provisions, and is long supported by the National Association of Realtors®.

Changes include efforts to make FHA’s recertification process “substantially less burdensome,” while lowering FHA’s current owner-occupancy requirement from 50 percent to 35 percent. The bill also requires FHA to replace existing policy on transfer fees with the less-restrictive model already in place at the Federal Housing Finance Agency.Condos

NAR testified last year in support of the bill, which passed in the House of Representatives 427-0 in February.

Tom Salomone, president of NAR and broker-owner of Real Estate II Inc. in Coral Springs, Florida, praised the legislation as a significant step towards eliminating barriers to safe, affordable mortgage credit for condos.

Following is a statement from Mr. Salomone:

“Condominiums often represent an affordable option that’s just right for first-time and low-to-moderate income homebuyers. Unfortunately, overly-burdensome restrictions on condo financing have for too long put that option out of reach for many creditworthy borrowers.

“This legislation meets those restrictions head on, putting the dream of homeownership back in reach for more Americans.

“Tight inventory and rising home prices are a reality of today’s market, and mortgage credit is hard to come by. We should take every opportunity to clear the path for well-qualified borrowers to purchase a home when they’re ready, and this legislation does just that.”

Inventory At All Time Low

With housing inventory at all time lows, buyers are also looking at other options.  Now that the new FHA condo rules benefit homebuyers, you  might want to see what your options are as to the availability of condos, townhouses or an attached home.

Lake Oswego Condos

Looking for a Lake Oswego Condo?  There are currently 31 available in Lake Oswego for sale.  There are a limited number of views available when clicking on this link, but you can see them here at http://goo.gl/B7qEe2

Pre-Approval

If you are looking to purchase a condo, attached dwelling or townhouse and new to get pre-approved, give me a call at 503-804-9685 and I can help.  Remember if you found the home of your dreams today and you are not pre-approved, you might miss out on the opportunity to purchase that condo, townhouse or attached dwelling without a pre-approval letter.

 

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2016. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

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