South Florida Dirt: Like pulling teeth: How Fannie, Freddie’s new condo financing rules is affecting deals
It’s been a little over a month since Fannie Mae and Freddie Mac tightened the screws on condo lending. Effective Aug. 3, Fannie Mae retired its limited review process, and Freddie Mac ended its streamlined review process, which allowed lenders to approve conventional mortgages without a deep dive into a condo associations’ finances. All conventional mortgages have to go through the full review process, unless they qualify for a waiver. Projects of 10 units or fewer fall under the waiver qualification. Forty percent of condos nationwide used the limited review process last year. And… Florida has the highest concentration of […]This article originally appeared on The Real Deal. Click here to read the full story.
Recent Posts
Jupiter mansion sells for $35M as buyer levels up in Admirals Cove
Lennar’s land bank spinoff Millrose bought 1,200 single-family rentals
Cash4Keys principals, United Realty agent accused of stealing elderly man’s house, dumping him in Miami Gardens
Southwest Ranches estate once owned by Mexican pop icon Juan Gabriel hits market for $39M
Miami-Dade’s affordable housing gap grows to 118K units, even as low-income earners flee
Palm Beach’s “Ham and Cheese House” finds buyer at $105M
Estates at Acqualina penthouse with private pool lands $40M contract
“They’re getting hammered”: Fisher Island Club fee dispute escalates into $5M class action after community association sues members
Florida home permits fall 21% in September
Treasury proposes rules for large home investors
