South Florida Dirt: How Fannie and Freddie’s new rules will create winners and losers in condos

Fannie Mae and Freddie Mac are now requiring lenders to pay even closer attention to a condo building’s finances.  This shouldn’t really be a shock for anyone who’s been paying attention to the condo market, especially in Florida. Effective last Monday, Fannie Mae retired its limited review process, and Freddie Mac ended its streamlined review process, which allowed lenders to approve conventional mortgages without a deep dive into a condo associations’ finances. The long and short of it? All conventional mortgage applications have to go through the full review process, unless they qualify for a waiver.  Fannie Mae also clarified […]

This article originally appeared on The Real Deal. Click here to read the full story.