Fannie Mae backs off some condo financing
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This won’t help move condos -- those being marketed by builders and those listed by homeowners. From ‘Fannie Tightens Its Conditions for Backing Condo Mortgages’ in the Wall Street Journal:
Fannie Mae has added restrictions making it more difficult for developers to sell their units. The government-backed mortgage-finance company stopped guaranteeing mortgages in condo buildings where fewer than 70% of the units have been sold, up from 51%. In addition, the company won’t back loans for sales in buildings where 15% of current owners are delinquent on association fees or where more than 10% of units are owned by a single-entity. The new policy became effective March 1....
So much for easy financing.
-- Lauren Beale
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