How Fannie Mae Underwriting Guidelines Impact Condo Sales
Learn about the problems that most often arise for associations and sale parties during the underwriting process for conventional loans on condominium units
- Product Number: 2250190RB1
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Product Description
Product Description
Condominium sales are a different creature from most other residential real estate transactions when it comes to obtaining conventional mortgages. Much of the additional headache is largely due to the condominium questionnaire lenders use to verify that a loan will conform to Federal National Mortgage Association (FNMA) guidelines. Revisions to the guidelines in 2021 following the Champlain Towers collapse shook up the questionnaire landscape and caused headaches for unit sellers, unit purchasers, and condominium associations, which continue to linger. Learn more about the problems that most often arise for associations and sale parties during the underwriting process for conventional loans on condominium units.
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