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What your Condo Association Needs to Know About the New Fannie Mae and Freddie Mac Lending Guidelines

/ Owner - August 1, 2023

The Surfside condominium collapse led to significant reform in the condominium lending industry. In Lender Letter LL-2021-14, Fannie Mae and Freddie Mac implemented temporary lending guidelines in 2021 for condominium purchasers that desired to secure a mortgage as was previously discussed in Prepare your Condo for the new Fannie Mae and Freddie Mac Lending Requirements. At the request of FHFA, Fannie Mae and Freddie Mac implemented additional condominium lending guidelines on July 5, 2023, in Selling Guide Announcement, SEL-2023-06. As will be discussed in greater detail below, the major changes to the condo lending guidelines are as follows:   Read the article………………………..

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