Rules to promote condo safety could keep buyers out of the market

New federal rule makes it harder for average buyer to purchase a condo — while also raising liability concerns for owners.

FILE — New Fannie Mae and Freddie Mac rule calls banks and associations to provide maintenance records for mortgages or refinancing condos.
FILE — New Fannie Mae and Freddie Mac rule calls banks and associations to provide maintenance records for mortgages or refinancing condos.
  • Commercial Real Estate
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While it’s too soon to know its full impact, an obscure letter sent to lenders by Fannie May in October could have serious long-term consequences for people looking to buy or refinance condominiums, particularly those without the means to come up with bigger down payments or pay cash.

 

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