The Catch-22 Impact of New Fannie Mae Condominium Lending Regulations

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Recent Fannie Mae (FNMA) condominium lending regulations are beginning to live up to the hype as having an onerous impact on condominium sales and project development. The changes, made in January, were part of an effort by mortgage giants Fannie Mae and Freddie Mac to limit risky lending in a segment of the housing market particularly hard hit by foreclosures in recent years. The new guidelines include requiring that at least 70% of all units be pre-sold or under contract creates a Catch-22 for the condominium developer and consumer alike.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Richard Vetstein | Attorney Advertising

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