Low-income families have been able to use their Section 8 vouchers to rent a manufactured home. Under the new bill, they will be able to use the vouchers to pay a mortgage, property taxes and insurance on manufactured homes.
The housing reform law also included changes to the FHA's condo program.
President Obama signed into law H.R. 3700, known as the “Housing Opportunity Through Modernization Act, ” which the National Association of REALTORS® says is a “significant step” in helping people get access to affordable financing for condos.
If you are looking to get into your first property, consider getting an FHA loan on a condo. It’s much easier now than it was, and in some cases, you only have to put 3.5% down.
If you want an FHA loan to buy an investment property, there will be some serious restrictions to that.
For the full transcript: www.NewsForInvestors.com
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