New lending rules will affect condo buyers, HOAs

10/16/2012 | Chicago Tribune

Fannie Mae this week will change the lending rules for home buyers looking for a condo or a property that falls under a homeowners association. The mortgage financier's director of media and external relations says condo buyers will have to fill out a questionnaire about the homeowners association's financials and reserves when putting less than 20% down; previously such questionnaires were required when putting less than 10% down. The new rules also will require the lender to review HOAs' budgets.

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