Fannie Mae and Freddie Mac issued new requirements to secure loans in condo buildings. The guidance relates to structural integrity and financial stability and is in response to the condominium collapse in Surfside, Fla., in late June.
Following the Surfside condo collapse this summer, Fannie Mae recently released new building project requirements for its loans. CAI breaks down the key requirements of the guidelines effective Jan. 1.
Fannie Mae and Freddie Mac recently made changes to their lending requirements for condominiums in vacation areas and resort-like communities, but the process may be opaque and difficult to dispute by a homeowners association and its residents.