Lending requirements revised for condos

January 01, 2022

In response to the tragic building collapse in Surfside, Florida in June 2021, Fannie Mae has issued temporary lending requirements that went into effect January 1, 2022. The requirements pertain to loans secured by units in condo projects with five or more units. According to Fannie Mae guidance, “Loans secured by units in condo and co-op projects with significant deferred maintenance or in projects that have received a directive from a regulatory authority or inspection agency to make repairs due to unsafe conditions are not eligible for purchase.” Learn more about additional temporary requirements by searching Fannie Mae Lender Letter LL-2021-14.

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