Condo Lending Rules Tighten: A Double Edged Sword for Homebuyers The condominium market is bracing itself for a significant shift in mortgage lending rules, set to take effect on August 3rd.
Fannie Mae and Freddie Mac are implementing new policies that will scrutinize condo associations more closely by reviewing their finances, reserves, insurance coverage, and building condition.
These changes are a direct response to the partial collapse of the Champlain Towers South building in Surfside, Florida, which killed 98 people in 2021.