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Fannie Mae Lending

Fannie Mae Lending guidelines and rules are very essential for the mortgage lenders to understand while dealing with the corporation. On December, 2008, Fannie Mae issued a new mortgage underwriting guidelines for their condominium projects. This new lending rules reflect the high standards demand of the mortgage market following the crisis in the US housing industry. Majority of this new lending criteria is applied to the new condominium projects. The corporation has also refined a provision that is related to the condominium association delinquencies and which will also be applied to new as well as existing condominium developments.

Fannie Mae Lending Guidelines 2009

According to this lending guidelines, underwriting decisions will involve the delinquency rate of an association. The guidelines further describes that the associations should have 15% of units not more than 30 days delinquent. This new requirement was considered as a break threshold for the mortgage underwriting determinations. However, it proves to be one of the variety of factors involve in the underwriting decision process. On the other hand, the year 2009 seems to be a vital year for the housing industry in the United States.

Fannie Mae also has issued its lending limits and guidelines for the year. Further decision on how to stimulate the economy and restore the confidence in the mortgage industry and banking system will have an impact on community associations.

Restrictions on Fannie Mae Lending Criteria

Recently, the federal regulators have imposed lending restriction on Fannie Mae. The decision taken by the federal regulators is a result of a three year long investigation on the compensation, accounting and business practices of the corporation.

The regulators are restricting the ability of Fannie Mae to create its own loan portfolio until the re-establishment of appropriate accounting standards. The lending limitation on the corporation is surely going to affect the multi-family mortgage seekers.

Fannie Mae Lending Limits

On the other hand, the new guidelines on mortgage programs for condominium are threatening the New York City developers. The mortgage finance company has made some changes in its mortgage guidelines for new condominium and conversion projects. Fannie Mae has increased the minimum percentage of in-contract units in a building before they will purchase the loan program to 70% from the initial 50%. This new initiative is an effort on the part of the corporation to lessen the risk from bad condo loans.
Community Associations Institute
Community Associations Institute provide the most reliable details on the latest Fannie Mae lending guidelines issued by the corporation. Log on to the official website of the company to get further information.

New Homes Section
New Homes Section is one of the leading online service providers specialized in the housing and mortgage industry of Unites States of America. The company also offer valuable information on the changes in the lending guidelines of Fannie Mae.

crain's new york
At crain's new york, you will be able to find all the updated information on Fannie Mae lending rules prevalent at present time. By visiting the official website of the company, you can check the latest lending rules.


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