If you're planning on buying a condo anytime soon, you need to make sure that the property will meet the guidelines to have a lender give a mortgage on the property.
Some of the new conditions for FANNIE MAE loans include:
- no more than 15% of the unit owners can be 30 days or ore past due on association fees
- have sufficient reserves
- hold funds equal to the policy deductable under the maste insurance policy
- maintain an adequate budget.
Fannie Mae buys the majority of home loans from lenders. The lender will be scrutinizing each building much more carefully to see if they meet their criteria.
