Realtors lobby for condo reform

Realtors in the USA are lobbying for an improvement in financing condos.

United States realtors are lobbying to improve finance availability for condos and ease Federal Housing Administration regulatory requirements.

The realtors hope to reform the restrictions on condo financing currently imposed by the Federal Housing Administration (FHA), which provides mortgage insurance on loans from FHA-approved lenders.

"Condominiums are often the most affordable homeownership option for first-time buyers, small families, single people, urban residents, and older Americans," said NAR President Chris Polychron at a hearing recently.

"Unfortunately, current FHA regulations prevent buyers from purchasing condominiums, harm homeowners who need to sell their condominiums, and limit the ability of condominium projects to attract resident buyers."

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