Tag: condominium

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 Postpones Income Changes Addressed in Bulletin 2019-20 – Postponed to July 2020

Written by: Lloyd Rutherford, Staff Writer It looks like Freddie Mac has received industry feedback that caused them to reconsider the timing of their new income guidelines.  Read through this article for the latest updates about how it may impact your business. Rule Synopsis: Freddie Mac is postponing the income changes they proposed in Bulletin […]

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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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Freddie Mac Selling Guide Updates – Bulletin 2019-22 – Dated November 6, 2019

Written by: Lloyd Rutherford, Staff Writer Working in the affordable lending arena is a great niche that with a little education will yield you some excellent results. This article highlights some of the opportunities and recent changes in affordable lending with Freddie Mac. Rule Synopsis: Freddie Mac is updating their selling guide for a variety […]

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Freddie Mac – Bulletin 2019-20– Dated October 2, 2019

Written by: Lloyd Rutherford, Staff Writer Wow! Big update from Freddie Mac this month. There are lots of little details so make sure that you read through this update carefully! Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The […]

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