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Fannie And Freddie Make Changes For Condominiums
By Chad Miller | May 6, 2010
Fannie Mae and Freddie Mac (FHLMC) have made changes to lending rules that make it easier to buy and sell condominiums. The new rules allow for condo purchases in financially troubled complexes if the existing loan is securitized by FHLMC. This will increase the financing availability for condominium through March 31,2011.
Fannie Mae is making similar rule changes for condominiums in the Florida market. If a project is deemed to be stable it will be granted “special approval” allowing lenders to offer mortgages to condo buyers. To find your condo has a FHLMC backed mortgage give us a call.
Chad Miller
Panama City Commercial Real Estate
850-866-5500
chad [at] chadmiller [dot] com
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