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Buying a condo in an older South Florida high-rise? For people who want to finance their deal, it’ll be getting tougher to take out a loan backed by
The nation's two main mortgage backers say they will not support loans financing condo and co-op units in buildings that show signs of structural defects and deferred repairs. Fannie Mae and Freddie Mac issued temporary requirements effective Jan. 1 that mandate in-depth reviews of safety, soundness and structural integrity. The move could eliminate a key source of financing for the purchases of thousands of condos nationwide.
The nation's two main mortgage backers say they will not support loans financing condo and co-op units in buildings that show signs of structural defects and deferred repairs. Fannie Mae and Freddie Mac issued temporary requirements effective Jan. 1 that mandate in-depth reviews of safety, soundness and structural integrity. The move could eliminate a key source of financing for the purchases of thousands of condos nationwide.
As changes following the Champlain Towers collapse are considered, other changes to our building codes should also be considered. Should post‐occupancy inspections of buildings include windows?
For many years, associations and their managers have responded to questionnaires from mortgage lenders that seek information about the condominium association to help the lender...