Comments on: Fannie Mae revises condo guidelines

By: Ben Kakimoto

Ben Kakimoto — Fri, 17 Dec 2010 22:28:28 +0000

@Stephanie – I tried to find the info on the FNMA website but couldn’t locate it, so I asked a loan officer and that was the response. I’ll double check it.

By: stephanie crawford

stephanie crawford — Fri, 17 Dec 2010 22:22:43 +0000

Hmmm. I thought the rules were FHA = 51% and FNMA = 30%. I don’t know that for sure though.

By: Ben Kakimoto

Ben Kakimoto — Fri, 17 Dec 2010 22:17:10 +0000

@Debbie if a purchase will be owner occupied, there is no owner occupancy requirement under Fannie Mae…so no rental cap. For FHA, though, 51% of the units must be owner occupied.

By: debbie

debbie — Fri, 17 Dec 2010 19:34:45 +0000

what are the fannine mae guidelines for rentals in any given condo development

By: Ben Kakimoto

Ben Kakimoto — Fri, 19 Mar 2010 00:09:45 +0000

Rick - The best option is to consult with a mortgage professional. Here's a link to Fannie Mae's Statement of Insurance and Fidelity Coverage form (PDF). See item #6.

By: rick allington

rick allington — Thu, 18 Mar 2010 22:35:25 +0000

How much fidelity ins.are they requiring.I can’t find an answer to this question anywhere.My condo. association has $300,000.00 in reserves.It must be a percentage of this amount.But what?

By: NYC Native

NYC Native — Fri, 11 Dec 2009 01:39:44 +0000

Fidelity insurance is coverage for theft whining the controling or managing parties. For example say the tresurer helps himself to a big fat check or management decides to make give themselves a big bonus..hehe

Seriously, it comes down to theft like an “Inside Job”

By: LM

LM — Sat, 28 Nov 2009 03:45:52 +0000

Does anyone know about Fidelity insurance? the bank refused to finance my loan (with 23% down) because the condo association doesn’t have the proper insurance, condo built in 1985

By: Ben Kakimoto

Ben Kakimoto — Mon, 02 Nov 2009 21:06:27 +0000

Dan – The info I have doesn’t mention if the 10% ownership limit is applicable to 2-3 unit buildings. Your loan officer would be far more knowledgeable on FNMA guidelines than I can be through this blog.

By: Dan Puroclean

Dan Puroclean — Sun, 01 Nov 2009 16:29:38 +0000

I’m currently in the process of trying to purchase a condo. It’s basically a duplex, and each unit is seperately owned. I’m currently renting one side, and am attempting to purchase it from the landlord. The other unit is owner occupied. I’m having a hard time finding a lender. Do you know if this type of property is FNMA approved?