Tag: Condo

Seller-Paid Special Assessment and IPC Rules

Question: Our client is purchasing a condo with a special assessment of $16,000 due 2 weeks after closing.  Our sales contract states that the seller will pay this assessment, but we are concerned this may be viewed as an Interested Party Contribution.  What is your opinion?  MC Chart – Interested Party Contributions Answer: Yes, this […]

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Fannie Mae Selling Guide Announcement SEL–2020-03 – Dated June 3, 2020

Written by: Lloyd Rutherford, Staff Writer This bulletin is FULL of important updates.  Make sure that you read through the various changes that may apply to your business. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The updates announced […]

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Freddie Mac – COVID19 Updates – Condo Projects – Appraisal FAQs – ChoiceRenovation

Written by:  Lloyd Rutherford, Staff Writer Effective Immediately with all loans in Process! Rule Synopsis: Freddie Mac issued another Bulletin (2019-11) related to the COVID-19 related issues and they also updated their FAQ document to add additional questions that have cropped up due to the pandemic. Freddie Mac is taking a different approach than Fannie […]

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USDA Condominium Approvals

Question: How does USDA handle approving condominiums for financing? Answer: USDA simply states that the condominium project must be in compliance with HUD/FHA, VA, Fannie Mae, or Freddie Mac regulations. They leave it up to the lender to make that determination and provide that certification. Reference: USDA Condo Guidelines – HB-1-3555 Chapter 5 Supporting Resource: […]

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FHA New Condominium Section of Handbook 4000.1, FHA Info #19-34, Effective October 15, 2019. NEW CHART – FHA Condominium Project Approval Requirements

Written by: Tracey Rumsey, Staff Writer Big changes on the FHA Condominium front. If you work with condominiums, this is a must STUDY article as well as the other article published this month regarding the process for FHA Spot Approvals. Rule Synopsis: Case numbers assigned on or after October 15, 2019 and/or Condominium Project Approvals […]

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