Condos with high delinquencies
I am pleased to share that we have expanded our guidelines on condominium approvals for conforming loans.
Until now, buyers using Fannie Mae financing were required to put down 20% if they were attempting to purchase a condo with high delinquencies.
Now, using Freddie Mac financing, we can perform a limited review with as little as 10% down and will not inquire as to the number of delinquencies in a condominium.
Financing is still available with perhaps as little as 0%, 3% or 5% down for condos with fewer than 15% of unit owners delinquent on condo fees.
A limited review is solely available for buyers who are owner occupants (primary or secondary home), and thus is not available to investors. This is for loan amounts up to the Freddie Mac loan limit of $625,500.