The Real Deal Miami

Resales running into problems with Fannie and Freddie, too

June 19, 2009 01:21PM

Buyers of new condominiums face well-publicized financing problems as Fannie Mae, Freddie Mac and private lenders put tougher mortgage guidelines in place. But buyers of used condominiums also face financing difficulties. Fannie Mae won’t purchase mortgages in buildings where more than 15 percent of homeowners are late with their condo dues, leaving even paid-up owners unable to sell or refinance units.