Relating to financing a condominium, it’s necessary to know the particular necessities set by Fannie Mae and Freddie Mac. These two government-sponsored enterprises play an important function within the mortgage trade, and MortgageDepot is proud to work with each of those authorities companies to offer debtors with one of the best financing choices.

Fannie Mae’s Condominium Necessities

Fannie Mae permits a Single Entity Investor to personal not more than 20% of a improvement of 21 or extra items. Which means that if a single investor owns greater than 20% of the items in a condominium improvement, it could not meet Fannie Mae’s necessities for financing. Nonetheless, MortgageDepot has a large community of lenders who work with Fannie Mae, guaranteeing that debtors have entry to financing choices even when their condominium improvement doesn’t meet this particular requirement.

Freddie Mac’s Condominium Necessities

Then again, Freddie Mac is barely extra lenient with regards to condominium necessities. They permit as much as 25% possession by a Single Entity Investor within the improvement of 21 or extra items. Which means that debtors who wish to finance a condominium in a improvement the place a single investor owns greater than 20% of the items should be eligible for financing by means of MortgageDepot’s community of lenders who work with Freddie Mac.

MortgageDepot’s Benefit

At MortgageDepot, we perceive that each borrower’s state of affairs is exclusive. That’s why we work with each Fannie Mae and Freddie Mac lenders to offer debtors with a variety of financing choices. By leveraging the particular condominium necessities set by these companies, we will discover one of the best answer for every borrower’s wants. Whether or not your condominium improvement meets Fannie Mae’s 20% possession restrict or Freddie Mac’s 25% possession restrict, we now have the experience and assets that can assist you safe the financing you want.

Understanding the condominium necessities set by Fannie Mae and Freddie Mac is essential with regards to financing a condominium. Whereas Fannie Mae limits the possession by a Single Entity Investor to twenty% in a improvement of 21 or extra items, Freddie Mac permits as much as 25% possession. At MortgageDepot, we make the most of each company lending necessities to offer debtors with a variety of financing choices. Whether or not your condominium improvement meets Fannie Mae’s or Freddie Mac’s necessities, we now have the experience and community of lenders that can assist you navigate the method and safe the financing you want.