Apparently FannieMae is grumpy these days......as if it weren't tough enough, FannieMae has changed its lending guidleines on condos. These new guidelines will mostly impact loans on new construction projects. The ammended rules will require a much higher percentage of sold units in order for the loan to qualify under the new guidelines. The percentage is jumping from a reasonable 51% to an extraordinary 70%. Either lenders are going to have to figure out how this will impact buyers and come up with creative loan programs or FannieMae is going to have to re-evaluate.
Read the attached article for details as well as additional changes such as maximum allowed retail and percentages allowed by a single owner.
Let me know your thoughts on this.
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