Fannie and Freddie tighten condominium-lending regulations. Specifics differ, but they frequently won’t back again one-unit condominium financial loans if a constructing has deferred routine maintenance concerns.
ORLANDO, Fla. – In response to the Surfside tragedy, Freddie Mac introduced past week that it would right away commence getting a nearer look at a condominium development’s routine maintenance concerns ahead of approving particular person financial loans. The modify follows a identical announcement produced before by Fannie Mae. The two mortgage giants back again more than 50 percent of all U.S. financial loans.
The new demands can be advanced – Freddie Mac posted its announcement on line – but they will frequently deny condominium and co-op unit financial loans if the constructing has deferred routine maintenance concerns, exclusive assessments to correct deferred concerns or other challenges.
All improvements introduced in Freddie Mac’s bulletin “will be successful for Mortgages with Settlement Dates on or