Buying a condo in some parts of the U.S. has become harder due to recent changes in Fannie Mae’s condo policies, according to local real estate experts.
The government-sponsored mortgage enterprise recently increased the required due diligence for condo loans, and that could make some purchases harder to close in the months ahead, Las Vegas-area mortgage adviser Matt Hennessy said.
Fannie Mae announced the changes in March – which apply to both new builds and resale – which are being phased in over the next year. The changes were made to ensure condo projects across the country don’t get into financial trouble down the road and analysts say the government is worried some condo projects’ homeowners associatons don’t have enough saved for repairs or proper insurance…