Recent Changes to Fannie Mae Deliver Good News to Chicago - Chicagoland Condo Buyers
This may be good news for condo buyers in Florida as well:
Recent Changes to Fannie Mae DeliverGood News to Chicago - Chicagoland Condo BuyersNo matter your lifestyle, Chicago - Chicagoland ... with its many diverse neighborhoods and extended surrounding suburbs ... has real estate property for sale that will fit and satisfy your personal tastes, budget, lifestyle, and needs ...Property prices may now also be seen as an advantage to buying in the Chicago -Chicagoland area.
While a post-recession recovery has occurred in much of its extended and diverse housing market, the Chicago - Chicagoland area has not experienced the larger property price increases that other metropolitan areas have elsewhere across the U.S.For those contemplating the purchase of their first home ... or even those selling their present home and buying again ... that's positive news. Local housing market prices remain more favorable for them to accomplish this in comparison to housing markets elsewhere.
And now, recent changes and updates made by Fannie Mae (Federal National Mortgage Association) enhance that advantage even more. June 2018 changes to Fannie's condominium underwriting rules and process are making the prospect of buying a condo in the Chicago - Chicagoland area an even more attractive prospect for buyers ... and possibly simpler.Please take note if you're an investor: These changes affect condo purchases made for investment purposes as well.
Prior to the June 2018 changes: Fannie Mae would not "endorse or warrant"EXISTING (not new) Condo Associations where ONE individual or entity owned 10% or more of the TOTAL Units in the Project.
With recent changes made: As of June 2018, Fannie Mae increased that percentage from 10% to 20%. That increase allows more flexibility to Lenders during the underwriting process and raises the likelihood of mortgage approval for more Buyers.Another new huge and very favorable change regarding condo reviews was placed into effect during this Fannie Mae update ...
Again, prior to the recent Fannie Mae changes: Full reviews were required from a Condominium Homeowners Association, at a cost to the Borrower. (Insurance documentation and proof are also required for presentation during this review time.)With recent Fannie Mae changes now in place: Condo buyers placing a down payment of 25% or above are eligible for limited less grueling review during the review process.This change increases the ability and likelihood of Lenders securing better loan pricing for a condo buyer. It also decreases the number of possible challenges discovered during the condo review process.
Other recent changes made by Fannie Mae also expand flexibilities, therefore allowing more Condo Projects -Associations to "fit into the mold" for financing purposes. This increases the likelihood of Borrowers now being capable of securing financing to buy when in the past perhaps they could not.
Bottom line: Changes consistently occur within financing and its rules and regulations. For those that hope to buy ... but have been unable to in the past ... it pays to remain in contact with a Lender.
Then, should advantageous changes take place, you can reap a more positive outcome upon mortgage inquiry and application. These recent Fannie Mae changes are a good example of that potential outcome.
Fannie Mae's changes (as well as those by other GSE) reflect a "loosening" of the past's fairly rigid standards as they pertain to Individual Condo Unit Financing. That is very welcome and positive news.
Hopefully, this news serves as an incentive to hopeful buyers to reach out and talk to a Lender regarding their ability to buy ... and also act as a catalyst to boost our local Chicago - Chicagoland housing market, both for buyers and sellers ...* Hoping to Buy or Refinance a Condo or Home in New Lenox, Will County, or elsewhere in the Chicago - Chicagoland area, IL or WI?
Contact me!
I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.
I'm easily found at:Gene MundtMortgage Originator - NMLS #216987 - IL Lic. 031.0006220 - WI Licensed #216987American Portfolio Mortgage Corp.NMLS #175656Direct: 815.524.2280Cell or Text: 708.921.6331eFax: 815.524.2281
Gene Mundt
Mortgage Originator - NMLS #216987
IL Lic. #031.0006220 - WI License #216987
NMLS #175656
Gene Mundt, Mortgage Originator, 40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking: #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including: The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin.
Your Referrals & Testimonials are Always Greatly Appreciated!
Email Me .. to be added to my Mortgage & Real Estate Newsletter
Comments(13)