Keep up the Good Work, NAR

The NAR continues to do good work for both realtors and Long Island mortgage and mortgage brokers throughout the country. The NAR testified in Congress about issues that would help everyone. The first is HR 2483. This bill will make the new FHA loan limits permanent. As you recall, the FHA limits were raised temporarily. Obviously this is a good thing to keep these limits permanent. NAR fully supported this bill.

The second issue has to do with FHA requirements on owner occupant ratios in condos. Due to the economic crisis, many condos throughout the country have foreclosed and are now REO's. Many condominium complexes have now dropped below FHA owner occupant requirements because of this. In many instances the whole condominium complexes are now in jeopardy because no one can get financing to purchase a condo unit. The NAR is proposing that FHA drop the owner occupant requirement so buyers can purchase condo units using FHA financing. This is a win-win proposal. Since all FHA loans are owner occupant loans, more and more of the condo complex will be owner occupant, which is a good thing. Secondly, it will save many condo complexes from financial ruin because there will be many more qualified buyers for vacant units. Way to go NAR!