Real Estate Blog

January 4th, 2009 8:40 PM
Fannie Mae is tightening mortgage criteria on condos, particularly in Florida.

Fannie sent a memo Tuesday to lenders that the number of delinquent mortgages it owns or guaranteed that are secured by condos in Florida is at an all-time high. To combat the problem, it is requiring higher loan-to-value ratios for condos. It also increased the minimum share of condos that must be owner occupied in a new or newly converted building to 70 percent from 51 percent.

Fannie tightened criteria across the country as well. No more than 15 percent of the units can be 30 days or more past due on association payments.
Posted by Fred Hintenberger on January 4th, 2009 8:40 PMPost a Comment (0)
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