Story thread · 4 reports / 3 sources

New condo mortgage rules could mean delays, denials and higher costs

fastcompany.com · 8dShare

Buyers beware: Starting on Monday, new rules from Fannie Mae and Freddie Mac go into effect that could make it trickier to obtain a mortgage for a condo. The new policies, announced by the two government-sponsored enterprises back in March, could add some complexity to the sales process as the condo association will face new scrutiny as part of the loan approval process. While the goal is to better identify condominium buildings that may pose financial or structural risks to buyers, the new lending policies could add pressure to an already-challenged area of the housing market in many cities. Condo underwriting requirements has been a particular focus for state and federal policymakers in the five years since a 12-story condo building in Surfside, Florida, partially collapsed and 98 people were killed. In the wake of that 2021 disaster, Fannie and Freddie deemed that they would no longer purchase or guarantee projects with significant deferred maintenance, critical repairs or certain s

First report: Buying a condo could soon get more complicated. Here's what to know. — cnbc.com, 10d