2022 Condo Changes [Condo Home Loan]
In November 2021, Fannie Mae and Freddie Mac, who control the guidelines for the conventional loans, just released that, effective immediately, condos have more oversight. After the tragic collapse in Surfside, Florida, there's now extra diligence and extra questions that lenders must ask in order to approve the condo.
In a conventional loan, the lender must identify that the condominium association meets certain requirements that are Fannie Mae and Freddie Mac approvable - It's called a warrantable condo.
There are many more additional questions such as, deficiencies, damage, differed maintenance etc. that the HOA must investigate to ensure the soundness / integrity of the condominium. This process will take longer, potentially 10-15 days!
Be diligent, and ask your local lender.
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