The Federal Housing Administration today lowered its owner-occupancy requirement for condominium financing, effective immediately. Previously, condominiums approved for FHA financing were required to be in developments with an owner occupancy percentage of at least 50 percent. With today’s announcement, financing can now be approved in developments with 35 percent owner-occupied units – provided that certain conditions are met. FHA expects this move to increase mortgage lending to lower-income and first-time homebuyers.
Senate passes ABA-advocated ‘trigger leads’ bill
The Senate granted unanimous consent to S. 1467, an ABA-advocated bill that would would prevent credit reporting agencies from selling so-called mortgage trigger leads to lenders in most circumstances.