Fannie Mae has recently announced major changes to information relating to condominiums and condominium purchases. Underwriting is becoming more Strict! What does this mean to buyers?
- Longer turn-around times
- Less lending institutions to choose from when going to buy
- More documentation required form borrowers
- More documentation needed from appraisers
- More documentation to get a project approved
This will affect all lenders! And it will affect Mortgage Brokers, Banker, and Correspondent Lenders as well. In the beginning expect delays on closings, especially on purchase transactions. If you are working with buyers on a condominium transaction, it is important to have someone who can research the project early-we do-- and ensure there will not be any closing delays. The changes emphasize new construction and condo conversions, but established projects will also be affected. At The Money Tree Financial Corporation our goal is to stay on top of the changes in the marketplace, and help you close transactions quickly and efficiently. I look forward to working with you in the near future.
Comments(1)