Nation: NAR Endorses Carson

On Thursday, January 12th, Dr. Ben Carson testified before the Senate Banking Committee as the nominee for the Secretary of the Department of Housing and Urban Development. During the hearing, Dr. Carson defended the critical role of the FHA mortgage insurance program. He also spoke about the importance of the American Dream of homeownership. FollowingContinue reading “Nation: NAR Endorses Carson”

Nation: NAR Proposes Changes to Condo Certification Requirements

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 theContinue reading “Nation: NAR Proposes Changes to Condo Certification Requirements”

Nation: FHA Fund Improves

On November 15 the Federal Housing Administration (FHA) released its Annual Report to Congress and the FY2016 Actuarial Review of the Mutual Mortgage Insurance Fund Forward Loans.  The review shows that the Fund’s capital reserve ratio has reached 2.32 percent and has improved by $43.9 billion since FY 2012.  This is the second year inContinue reading “Nation: FHA Fund Improves”

Nation: HUD Proposes Condo Rule

When H.R. 3700, the “Housing Opportunity Through Modernization Act,” was signed into law earlier this year, the Department of Housing and Urban Development was given notice that they had 90 days to weigh in on regulations related to Federal Housing Administration financing for condominiums before changes automatically went into effect. These included rules regarding owner-occupancyContinue reading “Nation: HUD Proposes Condo Rule”

Nation: HUD Extends Temporary Guidance on Condos

On August 24 HUD extended its existing temporary guidance on condos, without the changes brought about in HR 3700 (Housing Opportunity Through Modernization Act). HUD continues to work on the regulatory guidance to implement the new law, but the existing guidance was set to expire. In notice 2016-13, HUD extends the existing guidance until theContinue reading “Nation: HUD Extends Temporary Guidance on Condos”

Nation: Feds Announce Changes to PACE Loans

The Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) announced changes to the treatment of Property Assessed Clean Energy (PACE) loans. This new guidance, which goes into effect immediately, states that PACE loans will remain in a subordinated position on most FHA mortgages, in line with long-standing guidance from the Federal Housing FinanceContinue reading “Nation: Feds Announce Changes to PACE Loans”

Nation: Senate Passes Important Housing Bill

On July 14 the US Senate passed HR 3700, the “Housing Opportunity Through Modernization Act,” by unanimous consent.  The legislation is expected to be signed by President Obama. The bill was the subject of a recent Call for Action by NAR. Passage of HR 3700 will ease FHA condo rules, make transfer fee rules consistentContinue reading “Nation: Senate Passes Important Housing Bill”

FHA Mortgage Insurance Too High

In a recent letter to HUD, NAR’s president wrote, “FHA’s current policy to maintain lifetime annual mortgage insurance premiums for loans with over 90 percent LTV at origination penalizes any homebuyer without the means to put down a larger down payment. This goes against the core of FHA’s mission, to provide fair homeownership opportunities toContinue reading “FHA Mortgage Insurance Too High”

House Unanimously Passes Condo Bill

The House of Representatives passed, “Housing Opportunities through Modernization Act” with a unanimous vote of 427-0.  This legislation includes three major provisions that NAR supports. 1. The legislation solves a number of concerns regarding FHA’s condo rules by reducing owner occupancy ratio to percent, directing FHA to streamline condo certification process, providing more flexibility forContinue reading “House Unanimously Passes Condo Bill”

FHA Announces Changes to Condo Rules

Federal Housing Administration Principal Deputy Assistant Secretary Ed Golding joined National Association of Realtors® President Chris Polychron to announce changes to FHA condominium policies. NAR has long advocated for broad improvements, arguing that existing policy is overly restrictive and keeps many consumers from buying and selling a home. Golding said the changes will be similarContinue reading “FHA Announces Changes to Condo Rules”