“Housing Opportunity Through Modernization Act” Eases FHA Restrictions

On July 29, 2016, President Obama signed into law H.R. 3700 also known as the “Housing Opportunity Through Modernization Act,” which amends the process used by the Federal Housing Administration (FHA) to determine qualification for a low-interest mortgage with FHA insurance.  Most significantly, it lowers the owner-occupancy requirement from 50 percent to 35 percent.  Current […]