Condo buyers are saying Thanks Obama… but for real this time. President Obama signed the Housing Opportunity Through Modernization Act into Law this August, making it easier for condo purchasers to use FHA loans to purchase. H.R. 3700, one of the few bills to pass the comatose house and senate, made it to the president’s desk with realtors doing the heavy lifting.
H.R. 3700, which the Hudson Gateway Association of Realtors strongly supported, is expected to expand the number of condominiums where borrowers can use an FHA-insured mortgage to purchase a home. FHA insured mortgages are used all over the nation by many first-time home buyers. FHA insures mortgages against default, reducing risk, and thereby reducing rates at the same time.
You may be looking for a condominium this year and hopefully these changes will take place quickly enough for you to see the benefit in your pocket. FHA insured mortgages for condos means, lower rates, lower down payment requirements and better monthly payments for buyers.
If you are looking for a condominium in Westchester…AskHollingsworth.