Further, Congress can urge the Federal Housing Finance Agency to urge Fannie Mae and Freddie Mac to disclose their blacklists. If your community is running into issues with Fannie Mae and Freddie Mac’s blacklist, or if you are concerned about your community potentially being on a blacklist, contact your elected officials in Congress today!
Ensuring your condominium project is eligible for financing through Fannie Mae and Freddie Mac is critical for maintaining property values and facilitating smooth transactions for buyers and sellers. Both entities have specific criteria that projects must meet to qualify for their loan programs. Projects that do not meet these criteria may be deemed ineligible, a potential buyer’s ability to secure mortgage financing.
Fannie Mae and Freddie Mac have outlined characteristics that can render a condominium project ineligible:
Fannie Mae: Projects may be deemed ineligible due to factors such as operation as a hotel or motel, deferred maintenance, inadequate insurance coverage, or a high percentage of units being owned by a single entity.
Freddie Mac: Ineligibility can arise from issues like insufficient insurance coverage, structural problems, or other critical deficiencies.
For more information on this topic, check out CAI’s resource document: https://www.caionline.org/getmedia/01ef408e-77b1-40b2-b281-f0db91318d0a/condo-lending-cover.pdf
CAI reaffirms our commitment to effectively advocating for condominium associations! Please reach out to your elected officials in Congress to help make sure your community’s needs are addressed through Fannie Mae and Freddie Mac.
Take your advocacy a step further - call your elected officials directly! Use the House and Senate lookup pages to find your officials’ contact information.