HUGE news for would-be condo investors: Fannie Mae has finally changed the rule that has been strangling condo sales. From now on, when new investors apply for financing on a condo unit, no longer will vacant and foreclosed condos be counted as non-owner occupied. Until now, Fannie's long-time policy has been to bar new investor loans in buildings where less than 51 percent of the condos are owned and occupied as principal residences or second homes. Under this rule, many condo communities [...]
To properly start this newsletter, allow me to quote myself from my last newsletter: "Everyone is all up in arms about Fannie Mae and Freddie Mac. The big concern on Wall Street is that these two mortgage giants are going to collapse under the weight of all these bad loans that they have been accumulating over the course of the past five years. If they did happen to close their doors, it would cause a catastrophic chain reaction across the mortgage, finance and real estate markets that [...]
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