Freddie’s Condo Guidelines; AVMs & Mortgage Banking; Jawboning on the End of the Mortgage Purchase Program
January 29, 2010 – 7:06 amPosted To: Pipeline Press
"Free advice is well worth the price." Keep that in mind the next time you ask someone in Secondary Marketing if you should lock today or wait. Freddie Mac announced a change to their condo policy for loans with application dates on or after February 1 . Companies who sell to Freddie "may only use FHA condominium project approval to determine the eligibility of FHA and certain other federally guaranteed or insured condominium unit mortgages for sale to Freddie Mac. Conventional conforming condominium unit mortgages in FHA-approved condominium projects may still be eligible for sale to Freddie Mac provided the condominium project meets our requirements." Freddie goes on to remind their customers that borrowers with Freddie Mac-owned mortgages in all condominium projects are...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.