Fannie Mae relaxes Florida condo standardsALAN ZIBEL
One last crucial piece of information: You’ll want to ensure it is warrantable when buying. Unwarranted residential buildings are much more challenging to sell. When adevelopment is non-warrantable, it does not meet conventional financing guidelines. Fannie Mae and Freddi Mac will not be able ...
Getting your home sold in any real estate market can be stressful. A bit more so, when it is a condo. Why? For starters, your condo is part of a building that may have many similar units (similar layouts and finishes). This means buyers already have multiple choices with the exact sam...
robust balance in the reserve funds, not only to ensure that all repairs can be made when necessary but also for the financial health of the building or community. Today, a number of financial institutions, including Freddie Mac and Fannie Mae, require that a condo or association are putting ...
Until yesterday, New York co-op and condo attorneys were concerned that when a "flip tax" had been imposed, Fannie Mae would not purchase a mortgage in that building. Not a good result for the New York real estate market. Initially, I was under the impression that the proposed rule only...
However, even when using a conventional loan, most lenders still follow FHA, Fannie Mae, and Freddie Mac guidelines when underwriting a condo loan. Those guidelines are much more strict than those for a traditional home purchase because in addition to the borrower they also require the condo bui...
“While co-op governing documents may permit such removal as well, in the condominium context, case law limits the ability of governing documents to authorize the removal of directors for reasons not permitted by statute, and there is no similar condominium statutory provision that contemplates remov...
Where there has not been a clear path to financing alternatives for co-ops (i.e. they do not meet FannieMae guidelines), co-op boards and managing agents should be even more vigilant in pursuing and disseminating information about their alternative financing options. ...
“Each building or community is different and unique,” says Dougherty. “There are components of carbon reduction that are done in conjunction with utilities and other energy providers. There’s also the question of bringing more power capacity to individual apartments to accommodate a shift toward...
In the hybrid part-owner/part-tenant world of co-op living, there exists an interesting and unique financial instrument: theunderlying permanent mortgage. Part of the overall financing structure for any co-op, the underlying mortgage (UPM) was conceived as a way to reduce the overall price of...