“NEW Fannie Mae and FHA Condo Financing Changes”

Hello Betty,
Condo approvals do vary among the agencies. FHA does not follow FNMA.
There has been no recent changes to the 10% ownership guideline, however this can vary based on the equity position and the need for a streamline or a full approval.
For instance on some new construction it is accepted since the developer owns more.
If the loan being refinanced was put into place prior to 5/31/2009, and is a FNMA or Freddie Mac owned loan, it may also qualify for an affordable home product. This will not have an issue with the 10% single owner. If these are not an option I would suggest your blogger contact either Johnson Bank or Associated Bank. Both of these lenders offer what is called non-warrantable condo financing.

Thank You,

Cindy Wawrzyniak
Branch Manager
NMLS# 211924
414-254-3623 Direct
414-254-3623 Cell
877-611-6829 Fax