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News & Press: Industry News

FHA Condo Relief Coming: President Signs Bill

Tuesday, August 16, 2016  
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President Obama signed H.R. 3700 – the “Housing Opportunity Through Modernization Act” into law. 

The new law makes Federal Housing Administration’s recertification process “substantially less burdensome” and lowers FHA’s owner-occupancy requirement from 50 percent to 35 percent. The bill also requires the FHA to replace an existing policy on transfer fees with a less-restrictive model that has already been in place at the Federal Housing Finance Agency.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851