As explained in a recent Kaman Report, in July 2016, President Obama signed into law H.R. 3700, the “Housing Opportunity through Modernization Act of 2016.” This law allowed FHA 90 days to issue new regulations pertaining to the owner occupancy requirements when reviewing condominium associations for FHA certification. On October 26, 2016 FHA released Mortgage Letter 2016-15, which amends FHA’s Condominium Project Approval and Processing Guide. Read the article………….
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