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 December 25, 2008

Fannie Mae Tightens Up Lending Rules on Condominiums
Merry Christmas everyone! Stricter standards have been set by Fannie Mae and for once, California doesn't lead the way, but Florida does.
On Tuesday, December 22, Fannie Mae sent a memo to lenders informing them that the number of delinquent mortgages it has guaranteed, or owned, that are secured by a condominium has reached an all-time high. In response, Fannie Mae will now require a higher loan-to-value ratio for all condominiums. Furthermore, the agency also raised the number of required owner-occupied units in a converted or new building from 51% to 70%.

Across the country Fannie Mae enacted stricter regulations regarding delinquencies. Now no more than 15% of units may be 30 or more days past due on HOA dues payments.