Fannie Mae and Freddie Mac have both made significant changes to their guidelines for approving loans in condominiums and co-ops. This is a real game changer for buyers and sellers alike. Lenders must follow these guidelines in order for loans to be guaranteed in secondary (investor) markets. Loan-originating companies only want to grant mortgages if they can be resold on those secondary markets. Many approvals will be harder to come by.
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