Last Updated:
May 11, 2010
Illinois Real Estate
REALTORS® Meet With Congressman Polis DC Staff in Dillon On Restrictive Condo Financing RULES
Last week, Congressman Polis D.C. Staff were in-district to hold a condo financing roundtable discussion with REALTORS®, lenders, and title companies from resort areas across Colorado and Park City, UT. The purpose of the meeting was to discuss the possibility of condo financing legislation that would ease Fannie Mae, Freddie Mac, and FHA condo financing guidelines. As currently written, the guidelines make it very difficult to obtain financing for condos in resort areas. Polis is preparing to introduce legislation that would provide personal exemption from the Fannie and Freddie rules if the mortgagor has an income of less than 140 percent of AMI. This bill is considered to be an affordable housing bill, but, Polis staff says the real intent of the bill is to do one of two things: either serve as a bill to test the waters with members of Congress, or pressure FHA, Fannie and Freddie to change the condo financing rules administratively without legislation. There was much frustration in the meeting because the bill does not immediately address condo financing legislation and the problems resort areas are facing nationwide. SSBR, and the Summit and Vail Boards will be working with Polis staff to expand the bill as much as possible over the coming weeks.
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