New Fannie/Freddie new rules for condo mortgages

Started by RobertR1 • 3 replies • 1726 views

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RobertR1 (South Carolina)
Posts: 5,164

Posted:

Does anyone have a handle on how this new mortgage contraints Fannie and Freddie is trying to impliment.
Only condos will be effective from reading the blurbs, but it sure is encompassing and appears distructive to the condo market. Apparently Florida will be treated separately. There is also some way you can find out if your particular Condo complex is approved or not approved, if so, how do you find out?

JamesG (Connecticut)
Posts: 83

Posted:

This link will allow you to check on your FHA approval status:

https://entp.hud.gov/idapp/html/condo1.cfm

RobertR1 (South Carolina)
Posts: 5,164

Posted:

Dear James,
Thanks for your prompt response. Wish I could say this did the trick, but returned error message because not enough info. I would assume they are talking ID Number, which we don't have. This 65 unit condo was built in 1980/81. Prices range from 230K for i bedroom to over 450K, 3 bedroom, 3 bath, directly on ocean east of Beaufort SC. Got any more ideas of how to proceed? Real estate agent doesn't have a clue.

JamesG (Connecticut)
Posts: 83

Posted:

According to the HUD web site, only two condos are approved in your Town:

Condominiums (HRAP/DELRAP Approval Method) as of 04/01/2011

GENTRY WOODS I,II,III,IV A001802 001 BEAUFORT, SC 29902 HRAP RECERTIFICATION 01-10-94 None Recorded/
Not Uploaded No n/a Approved 01/12/1994 07/31/2011

OAKVIEW COMMONS CONDOMINIUM A001781 001 BEAUFORT, SC 29902 HRAP SUBJECT TO 51% OWNER OCCUPANCY CERTIFICATION TO BE INCLUDED IN EAC H BINDER SUBMITTED FOR MTG INSURANCE. None Recorded/ Not Uploaded No 0.00% Approved 03/03/2009 12/07/2011

Search criteria:
Approval Method: HRAP/DELRAP
Sorted by: Condo Name
State: SC
Condo ID:
Condo Name:
City: Beaufort
Zip Code:
Status: Approved
Search Type: Project
Begin Date:
End Date:

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