Fannie, Freddie tighten screws on condo buyers

Fannie Mae and Freddie Mac tightened their condo financing rules effective Monday, a move that will make it harder for buyers to secure conventional mortgages and refinancings in buildings lacking sufficient financial reserves.  Fannie Mae retired its mandatory PERS (Project Eligibility Review Service) review requirement for new condo projects in Florida. It also retired its limited review process, which allowed lenders to approve conventional mortgages without a deep dive into a condo association’s finances. Meanwhile, Freddie Mac retired its streamlined review process.  That means all conventional mortgages have to go through the full review process, unless they qualify for a […]

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