New FNMA Condo Guidelines May Have Chilling
Effect on Panama City Beach Condo Sales
From www.condosaletrends.com
January 11, 2009
FNMA released new condo eligibility guidelines for mortgages acceptable to be purchased by FNMA in Announcement 08-34 (www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0834.pdf). These new guidelines are directed specifically toward condominiums located in Florida. The guidelines specify particular situations that place additional restrictions on condominium mortgages that FNMA will purchase in the secondary market. The new guidelines have an effective date of January 15, 2009.