Tag: Condo

Fannie Mae Appraiser Update – Dated September 2021

Written by: Lloyd Rutherford, Staff Writer Appraisal issues can blow up your loan just as easily as credit issues.  The appraisal updates from Fannie Mae are a great way to learn more about this important part of your client’s file. Rule Synopsis: Fannie Mae publishes a quarterly Appraiser Update in a newsletter format which contains […]

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FHA Mortgagee Letter 2021-09, Revised Forms HUD-9991, FHA Condominium Loan Level/Single-Unit Approval Questionnaire and Revised Form HUD-9992, FHA Condominium Project Approval Questionnaire, Effective for use immediately, mandatory on May 17, 2021.

Written by: Tracey Rumsey, Staff Writer FHA is updating their Condominium Single-Unit approval questionnaire and their Project Approval questionnaire.  Read through this article if your finance FHA condominiums. Rule Synopsis: Effective dates Lenders may utilize the revised forms immediately. They must use the revised Form HUD-9991 for case numbers assigned on or after May 17, […]

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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 […]

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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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