New Fannie Mae, Freddie Mac and FHA Mortgage Loan Requirements for Condominiums
If you thought that the real estate market had troubles, have you tried getting a loan on a condominium lately. New rules and regulations from Fannie Mae, Freddie Mac and FHA, have sent condominium associations scrambling to make sure that owners and prospective buyers can get financing for units in those developments. When you shop around for a new home, you might want to talk to your mortgage lender or mortgage broker before buying a condominium to see what issues you might face in your area. With that knowledge, you might avoid certain condominiums with known problems and target buildings where mortgage loan financing is easier.