Last night, the US Senate passed HR 3700, the “Housing Opportunity Through Modernization Act,” by unanimous consent. The legislation is expected to be signed by President Obama.
With nearly 140,000 contacts to Senators, Capitol Hill office visits during the 2016 REALTORS® Legislative Meetings & Trade Expo and meetings across the nation, this is a true team victory for NAR. You can view President Tom Salomone’s statement on NAR’s victory here.
Passage of HR 3700 will ease FHA condo rules, make transfer fee rules consistent with the GSEs and streamline the rural housing loan approval process.