NAR Seeks Your Help With First-Time Buyer, Retiree Bill
The National Association of REALTORS® issued a Call to Action this week, asking for its members to submit letters to Congress in support of a bill that would assist first-time home buyers, retirees, and the overall real estate market.
To learn more about this Call for Action and other initiatives, visit realtoractioncenter.com.
The legislation sets out to remove some expenses from the FHA condo approval process, reduce FHA restrictions on the number of condos available to buyers, and permanently streamline Rural Housing Service loan processing.
H.R. 3700, the “Housing Opportunity Through Modernization Act,” was passed by the House 427–0. However, the U.S. Senate has yet to act on a companion bill.
“Current FHA condo lending rules restrict the number of condos available to FHA home buyers, thus limiting the often most affordable, appropriate choice for many families,” NAR states in a release about the bill. “Changes to the processing of rural housing loans will improve access for deserving families, and reforms to federally assisted housing programs will ease burdens for landlords and improve access for residents.”
NAR’s website offers a place where members can quickly submit to their senators a prewritten letter supporting of the bill and urging them to bring H.R. 3700 to the Senate floor.
To learn more about the bill and submit a letter to your Senator, visitrealtorparty.realtoractioncenter.com.
By REALTOR® Magazine Daily News
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