The Real Deal Miami

Freddie Mac condo rules loosened in Florida

April 01, 2010 10:54AM

A year after instituting stricter lending rules for condos, which made
it extremely difficult for would-be buyers to finance condo units,
Freddie Mac announced a loosening of lending rules in situations where
the condo’s mortgage is already insured by Freddie Mac. The loosening
follows moves by Fannie Mae to allow lenders to originate and deliver
mortgage loans in certain approved buildings to the agency, which has
placed more than 80 buildings in South Florida on the list. Brokers say
the tighter rules have made it far more difficult with respect to
prices, as the rules had limited the number of potential buyers. [WSJ]