While the Federal Housing Administration has loosened its condominium approval requirements in recent years, many properties continue to struggle to meet overly stringent criteria and the majority of properties are being denied.
The Federal Housing Administration is at a critical crossroads, but with the best performing books of business in its 80-year history, FHA is prepared for the future.
NAR believes that aligning the QRM definition with the QM definition removes the risky product features and low- or no-documentation lending that led to increased defaults, without excluding those buyers who are unable to afford a high down payment.
On behalf of the leading advocate for homeownership and housing issues, NAR President Gary Thomas recommended essential reforms to the current housing finance structure that will benefit consumers.
NAR and members of Congress say it's premature for the Federal Housing Finance Agency to consider reducing the size of loans Fannie Mae and Freddie Mac can back.