Fannie Mae relaxes Florida condo standards
Published: Thursday, January 7, 2010 at 4:35 p.m.
Last Modified: Thursday, January 7, 2010 at 4:35 p.m.
WASHINGTON- Fannie Mae, which had been restricting loans to buyers of condominiums in Florida, is now relaxing some of those standards.
The mortgage finance company said Thursday it is reviewing hundreds of condo projects that currently don't qualify for its loans and will allow more to become eligible.
Over the next 18 months, buildings deemed "sufficiently stable" after the review will be given a special approval. Lenders will be allowed to offer mortgages to homebuyers and sell those loans to Fannie Mae, which pools them into bonds and sells them to investors.
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