Tighten that Fannie
December 23, 2008Fannie Mae sent a memo (no, it wasn’t about TPS Reports) out on Tuesday advising lenders that new guidelines for condos are taking effect, particularly in Florida. The bullet points are:
- Fannie will require higher loan-to-value ratios for borrowers. This means more money down. (Florida only)
- To lend in a complex, Fannie will need to see a minimum of 70% owner occupied residences, up from the previous standard of 51%. (Florida only)
- For all condos across the nation, no more than 15% of the owners may be delinquent in HOA dues.
Did you get that memo?
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