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Condo Complexes Do NOT Need to Be FANNIE MAE Approved

Condo Complexes do not need to be Fannie Mae approved. All condos are eligible for conventional Fannie Mae financing as long as they meet standard conditions, including: (1) No major litigation; (2) No concentration of ownership – one person cannot own more than 10% of units; (3) HOA Dues are paid on time by over 85% of owners; and (4) Owner Occupancy is over 50% IF the borrower is an investor.

Owner occupancy ratios are irrelevant if a borrower is an owner occupant.

Note that FHA financing requires Condo Complexes to be FHA approved no matter what. There are no exceptions for FHA financing.

Jay Voorhees
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646