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012 - New Fannie Mae & Freddie Mac Condo Rules: What Agents Must Do Now
What are the new Fannie Mae and Freddie Mac condo guidelines? On August 3rd, new rules took effect that make getting a building approved for financing harder than it's been in years: the limited review is eliminated (every building now requires a full review), reserve requirements jumped from 10% to 15% of the budget, and buildings undergoing safety-related critical repairs won't be lent on at all. In this episode I break down each change, the trap of assuming a building approved by another lender will work for your buyer, and the upfront playbook: the $400–500 questionnaire listing agents…
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