NAR also encourages HUD to align the condo approval standards across the housing finance system and create consistent condo approval guidelines for Fannie Mae, Freddie Mac, Department of Agriculture, Department of Veterans Affairs, and other agencies that are involved in housing finance.
“REALTORS® believe that making these changes to FHA’s condo rules will help protect the long-term value of homeownership in the country and ensure the housing recovery stays on track,” said NAR President Gary Thomas, broker-owner of Evergreen Realty, in Villa Park, Calif.
NAR has also established a working group of REALTORS® members from across the country to review condo rules and guidelines and assess their impact on the market. For more information, visit www.realtor.org/topics/condominiums.
For more information, visit www.realtor.org.