New Requirement For Fannie Mae Backed Loans

Many associations have felt the negative effects of the economy due to the poor housing market and the current foreclosure crisis. Adding to this already increasing problem, Fannie Mae announced a new requirement for any Fannie Mae backed loans.

The announcement stated that for an established association with attached units, no more than fifteen percent (15%) of the maintenance fee payments can be more than one month delinquent. In addition, no more than 15% of the total units can be thirty (30) days or more past due on the payment of assessments. This policy will be applied to review of both new and established associations. Thus, delinquencies may affect property values if buyers cannot obtain financing on properties in your association.

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