Tag: Condo

Fannie Mae Appraiser Update – Dated December 2020

Written by: Lloyd Rutherford, Staff Writer The appraisal can make or break your client’s loan.  You spend all of that time originating and processing a loan only to have it blow up in the appraisal review.  Keeping up with the Facts vs. the Myths helps you close more loans. Rule Synopsis: Fannie Mae publishes a […]

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Land Lease Requirements for Condominiums

Question: My client is purchasing a condominium in a complex on a land lease. The land lease extends over 70 more years.  What are the requirements for approval?  Do we need an attorney opinion letter? MC – Condominium Eligibility Chart Answer:Leasehold Estates Fannie Mae purchases or securitizes fixed-rate and adjustable-rate first-lien loans that are secured […]

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Freddie Mac Selling Guide Updates – Bulletin 2020-43 – Dated November 4, 2020

Written by: Lloyd Rutherford, Staff Writer Article Intro Paragraph LPA Resubmission requirements have changed, so read through this update to find out important details. Also in this update are guidance to Condominiums, Coops, or Condo Hotels for those of you working in those markets. Rule Synopsis: Freddie Mac is updating their selling guide for a […]

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Fannie Mae – Selling Guide Announcement SEL–2020-06 – Dated October 7, 2020

Written by: Lloyd Rutherford, Staff Writer Fannie Mae updates are always an important read.  These are the updates where you will find clarification or rule changes that could directly impact your pipeline. This month’s update is a must read for all! Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. […]

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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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