Relating to financing a condominium, it’s necessary to grasp the precise necessities set by Fannie Mae and Freddie Mac. These two government-sponsored enterprises play an important function within the mortgage business, and MortgageDepot is proud to work with each of those authorities companies to supply debtors with the very best financing choices.
Fannie Mae’s Apartment Necessities
Fannie Mae permits a Single Entity Investor to personal not more than 20% of a improvement of 21 or extra items. Which means if a single investor owns greater than 20% of the items in a condominium improvement, it might not meet Fannie Mae’s necessities for financing. Nevertheless, MortgageDepot has a large community of lenders who work with Fannie Mae, making certain that debtors have entry to financing choices even when their condominium improvement doesn’t meet this particular requirement.
Freddie Mac’s Apartment Necessities
However, Freddie Mac is barely extra lenient relating to condominium necessities. They permit as much as 25% possession by a Single Entity Investor within the improvement of 21 or extra items. Which means debtors who need to finance a condominium in a improvement the place a single investor owns greater than 20% of the items should be eligible for financing by MortgageDepot’s community of lenders who work with Freddie Mac.
At MortgageDepot, we perceive that each borrower’s scenario is exclusive. That’s why we work with each Fannie Mae and Freddie Mac lenders to supply debtors with a variety of financing choices. By leveraging the precise condominium necessities set by these companies, we will discover the very best answer for every borrower’s wants. Whether or not your condominium improvement meets Fannie Mae’s 20% possession restrict or Freddie Mac’s 25% possession restrict, now we have the experience and sources that will help you safe the financing you want.
Understanding the condominium necessities set by Fannie Mae and Freddie Mac is essential relating to financing a condominium. Whereas Fannie Mae limits the possession by a Single Entity Investor to twenty% in a improvement of 21 or extra items, Freddie Mac permits as much as 25% possession. At MortgageDepot, we make the most of each company lending necessities to supply debtors with a variety of financing choices. Whether or not your condominium improvement meets Fannie Mae’s or Freddie Mac’s necessities, now we have the experience and community of lenders that will help you navigate the method and safe the financing you want.