We’re excited to announce some new changes in condo eligibility requirements by FNMA! Here they are:

• Increase Single-Entity Ownership In Projects Over 21 Units To 20%
• Increase In Commercial Space to 35%
• Allow A New Condo Project To Be Viewed As “Established” If It Meets All the Requirements of An Established Development Other Than The 90% Unit Conveyance
• Allow 80% Conveyance If The Builder Is Holding Back Units As Rentals
• Allow Investor Transactions To Be Eligible For Limited Review Up To 75% LTV
• 2-4 Unit Condos No Longer Require A Project Review, This Is Replaced By More Basic Requirements
• Legal Non-Conforming Use Zoning is OK, Provided No Market Issues Are Noted By The Appraiser

We hope these new requirements help you to find your dream condo today, call one of our Loan Officers at Tidewater Mortgage Services, Inc. with any questions!