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Ch, Ch, Ch, Changes to C, C, C, Condos
Ch, Ch, Ch, Changes to C, C, C, Condos
 
At various times over the last 10 years, getting a mortgage on a condominium in California could have been quite the challenge for a homebuyer.  However, some changes that will go into effect at the end of June, 2018, will reflect Fannie Mae's (FNMA) increased flexibility and sensibility with lending on condo, co-op and planned unit development (PUD) projects.  We're going to focus here just on the condo part and explain the key elements that should make it a bit easier for some buyers in the months ahead.
 
Single-Entity Ownership
Single-entity ownership poses a risk for a condominium lender because should that single owner who owns a high percentage of the units in the complex run into financial difficulty or do something financially irresponsible, it could materially impact the financial health of the entire complex.  The changes in our update here allow the following:
Waiver of the single-entity ownership requirement when the purchase transaction will result in the reduction of of single-entity concentration.   Units held by non-profits, affordable housing programs or institutions of higher education are exempt from the calculation. Single-entity ownership in projects with 21 or more units is increased to 20% (from 10%). ... more

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