New Condo Requirements

June 24, 2019
lady-justice-statue
The requirements targeted included projects in litigation, single investor concentration, commercial parking facilities and project reviews.

 

Freddie Mac has issued Selling Bulletin 2019-11 which announced changes to their condominium requirements. The requirements targeted included projects in litigation, single investor concentration, commercial parking facilities and project reviews. With regard to litigation, the requirements are eased for minor litigation which might not affect the association reserves or does not violate the law. Units owned by non-profits are excluded from single investor concentration requirements and commercial parking facilities are excluded from the calculation of commercial space. Reciprocal approval is provided for FHA HRAP approved condos. Additional changes specified in the Bulletin includes updated language specifying that monthly bridge loan payments must be included in debt payment-to-income ratio calculations 

Source: Freddie Mac

Summary of the guideline changes.