Condominium Projects are eligible for Mortgage Insurance. Here are some of the guidelines.
Must meet Fannie Mae or Freddie Mac Guidelines
No single entity may own more than 10% of the project
No more than 15% of the total units in the project can be 30 or more days past due on the payment of condo/association fee payments
No more than 33% of the project can be insured by PMI
An HOA questionnaire, Budget/Balance Sheet and Appraisal are required. The lender must determine that the project meets standard Agency guidelines.
Maximum 30% percent investor (non-owner occupied) concentration
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