how do i find out if a condo is fannie mae approved? (foreclosure, mortgage)

[gagaliya]

is there anyway to find out if a condo is fannie approved via some online tool where i can type in the address of the condo?

the mortgage lender is asking me all those questions like how many total units, owner occupancy ratio etc..i have no idea...

looks like those lenders are actually trying to do their DD now, i remember when i bought a few years back the only thing they cared was what state the condo is in.

[chet everett]

Originally Posted by gagaliya

is there anyway to find out if a condo is fannie approved via some online tool where i can type in the address of the condo?

the mortgage lender is asking me all those questions like how many total units, owner occupancy ratio etc..i have no idea...

looks like those lenders are actually trying to do their DD now, i remember when i bought a few years back the only thing they cared was what state the condo is in.

There are tremendous numbers of condos that are NOT going to meet the compliance standards for lenders.

Fear not, a certain congress critter from the Baked Bean state will magically make it all better...

[TampaKaren]

Here's the FHA approved condos --> https://entp.hud.gov/idapp/html/condlook.cfm. It's a shame that more are not approved. I've been told that it's not that difficult or expensive.

Here's the FannieMae approved list --> https://www.efanniemae.com/sf/refmaterials/approvedprojects/ (broken link).

[gagaliya]

hi i dont see my condo on the list of approved projects, so does that mean i can only go with local lenders that have higher rates?

This is so retarded, the condo i am looking at is not a new construction and completely soldout a few years back already.

thanks

[wfernandezjr]

Hey, Gagaliya. this issue is not so much weather a condo is old or new or even weather it sold 100% some time ago (or whenever). The issue today has to do with the financial situation of the building. In particular, they want to know how many units are owner-occupied (versus not, which implies they are being rented), how many owners are current in their maintenance/assessments vs late, how many units are in foreclosure and other considerations. Lenders need this in order to determine (besides the borrower being a good risk), if the association that controls the building is solvent. Otherwise, the underlying asset behind the mortgage note (the condo unit), may be at risk if the building were to go in receivership (controlled by the state), and/or files bankruptcy. Hope this helps.

[cbw79]

Does anyone know how to go about getting a condo approved by fannie mae now that they aren't using FHA's list?

My understanding was that Fannie, freddy & the VA would allow lending on a condo that was FHA approved. Now it seems that fannie and the VA are developing their own lists, and I would imagine freddy is not far behind.

I've looked around [URL="http://www.efanniemae.com"]www.efanniemae.com[/URL] and I can't find an application.

I see that the implemented a system in Flordia called PERS (project eligibility review service), but I see nothing about the rest of the country.

Any ideas?

Thanks!!

[middle-aged mom]

FNMA's intent is to protect borrowers from high risk buildings and tax payers from insuring troubled assets.

Here are some of the criteria FNMA uses:

Building must be at least 50% owner-occupied.

Less than 15% of current owners are delinquent on association fee payments.

Less than 10% of all units are owned by a single entity.

Non residentail space cannot exceed 20%.

Reserves must be at least 10% for essential repairs.

Very recently, under political pressure, FNMA has decided to review non approved buildings on a case by case basis, only in Florida. If, for example reserves are over capitalized, FNMA might consider softening one or more other criteria. Would be buyers have no influence on the outcome.

There is nothing that precludes anyone from buying in non approved buildings when they are paying cash or securing non Goverment sponsored financing.

[imari003]

I have used the FHA site before and been able search the specific condo I am looking for, but through the Fannie Mae site I am just being able to access a list. I used to be able to type in my condo name like the FHA site and find out whether it was approved or not.

Do you know how I can do this for Fannie Mae on this site?

[rjrcm]

Originally Posted by imari003

I have used the FHA site before and been able search the specific condo I am looking for, but through the Fannie Mae site I am just being able to access a list. I used to be able to type in my condo name like the FHA site and find out whether it was approved or not.

Do you know how I can do this for Fannie Mae on this site?

Try this link. They have lists of approved projects by state:
https://www.efanniemae.com/sf/refmat...ex.jsp?from=hp