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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.