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Condominiums

 
Fannie Mae and Freddie Mac have new, tightened lending standards on condos:  Condominium associations should pay particular attention to the fact that lenders are now required to review all structural and mechanical inspection reports, including reserve studies, completed in the prior 3 years from the loan project review.
 
Lenders are now prohibited from issuing loans for complexes with unfunded repairs totaling $10,000 or more per unit. It's also likely that lenders will continue requesting an expanded range of documents related to the condominium when assessing eligibility including board meeting minutes, board meeting notices, and other documents related to a condominium association’s plans for financing and completing future repairs.  Here is more detail.
 

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