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“The blacklist appears to have grown substantially since Fannie Mae enacted stricter requirements for condos to qualify for loans and mortgages that it backs a year after the Champlain Towers ...
Many condominium associations in Florida and across the country have been surprised to learn in recent months that their buildings have been blacklisted by the government-sponsored Fannie Mae ...
The guidelines made reserve studies mandatory for all newly converted, non-gut rehabilitation condominium developments to be eligible Fannie Mae project approval. [18] All other types of condominiums have the option to submit a compliant reserve study or must add a budget line item for reserves equal to 10% of the yearly assessment income.
The United States Housing and Economic Recovery Act of 2008 (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis.It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value.
Brickell Flatiron is a residential skyscraper in the Brickell district of Miami, Florida.Brickell Flatiron is 736 feet (224 m) tall, 64 stories, and has 527-units. [2] The luxury condominium is named "flatiron" due to the triangular lot it is built on, similar to the Flatiron Building in New York City. [3]
Key takeaways. To get approved for a condo mortgage, you’ll need a lender to approve both you and the entire condominium project. Financing a condo usually means paying a higher mortgage ...