President Obama recently signed into law a bill that will expand opportunities for condo buyers throughout the country. The bill will re-tool FHA condo restrictions to broaden the number of buildings where an FHA loan may be used for a purchase. It corrects a situation where, in recent years, a cumbersome re-certification process has been required in order for condominium buildings to be eligible for FHA loans for purchasers. The new bill would tweak those rules and, because of the price point and proliferation of condos, would expand access for many first time buyers.
Read more on the bill at the Chicago Tribune here.