How Fannie Mae and Freddie Mac are making condos more durable to purchase

Shopping for a condominium could also be about to change into considerably tougher, even for consumers with good monetary standing. Starting August third, Fannie Mae and Freddie Mac are making massive adjustments to how condominium mortgages are reviewed. Streamlined evaluate course of that utilized to many transactions will now be retired. As an alternative, lenders will now must conduct a extra complete evaluate of a the constructing earlier than the mortgage can go to Fannie Mae or Freddie Mac.