If the community has an HOA or is part of a
condo, you will have 3
days after receiving the official documents from the community for the budget,
rules, and bylaws to review the documents.
H.R. 3700 will: 1) reduce owner - occupancy ratio to 35 % unless HUD acts within 90
days of enactment of this law to otherwise lower the ratio; 2) allow lenders to approve
condos with commercial space over 25 %; 3) require HUD Secretary to «substantially reduce» burdens on
condo recertification; and 4) require FHA to mirror the FHFA
rules related to private transfer fees.