South Florida Dirt: Like pulling teeth: How Fannie, Freddie’s new condo financing rules is affecting deals 

It’s been a little over a month since Fannie Mae and Freddie Mac tightened the screws on condo lending.  Effective Aug. 3, 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. All conventional mortgages have to go through the full review process, unless they qualify for a waiver. Projects of 10 units or fewer fall under the waiver qualification.  Forty percent of condos nationwide used the limited review process last year.  And… Florida has the highest concentration of […]

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