Condo financing has been even more difficult to complete from one year ago. The main reason is the significant amount of foreclosures and lack of the Association financial strength.
Fannie investor rule implementation requirements are very strict. I am having an issue with one loan right now due to insuficcient fidelity bond coverage issue. This was very new info to me.
I am advising all of my realtors to get the condo questionnaire filled out prior to completing the purchase and sale contract.
This will give me time to review the Condo Q to ensure we have a viable deal. This will avoid wasting time and monies if the condo is not warrantable. (Saleable to Fannie or Freddie)
I do have non-warrantable but the terms are not as favorable as warrantable financing.
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