What Are the Fannie Mae Lending Guidelines and Requirements for Condos?
Financing within the traditional home buying process is simple. When single family home buyers finance the purchase, the lender underwrites them as the borrowers. The home they are purchasing is appraised and becomes collateral, which is secured by the mortgage, protecting the bank. But with condos the process is more complex and borrowers who are […]
What Are Fannie Mae Condo Guidelines?
Most home buyers finance their purchase, which means that their lender has to underwrite them as borrowers and the home as collateral. What many borrowers don’t realize is that most lenders underwrite according to guidelines set by the entity that they will sell the loan to on the secondary market. And when it comes to […]