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.
Founder/Broker | JVM Lending
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