NAR Letter to FHFA Regarding Request for Revised Condo Requirements

On January 17 NAR submiyyed a letter to FHFA’s Acting Director Sandra Thompson regarding recent changes made by Fannie Mae to its underwriting requirements for condominium project.

 

NAR agrees with changes intended to ensure the safety of condominium projects.  However, the lack of publicity and speed of implementation of these changes could undermine many purchases and refinances and may have a disproportionate affect on underserved communities. 

 

NAR’s second concern is that this change follows on a change from last December where vague language around financing of short-term rentals inadvertently expanded the definition of this proscribed class to include many second home properties, often condos.