The Educated HomeBuyer | First Time Home Buyer Tips, Mortgage Rates & Housing Market Updates
New Lender Guidelines Will Have A HUGE Impact on Condos - EP235
Thinking about buying a condo? New lending rules from Fannie Mae and Freddie Mac could make getting a mortgage on certain condos more difficult, and first-time home buyers need to understand the risks before making an offer. In this episode of The Educated HomeBuyer , Jeb Smith and Josh Lewis break down the major changes affecting condo financing, including stricter HOA financial reviews, reserve requirements, deferred maintenance, structural inspections, insurance requirements, and the elimination of the limited review for most condo projects. These changes are designed to uncover problems before you buy, but they could also cause more condo communities to become non-warrantable, potentially requiring a larger down payment, higher mortgage rate, or alternative financing. We also explain what first-time home buyers should look for when reviewing HOA documents, including reserve studies, financial statements, meeting minutes, special assessments, litigation, and upcoming repairs. A condo may look great on the surface, but problems with the HOA or building can affect your ability to finance the property today and potentially make it harder to sell later. Before buying a condo, you need to understand more than the monthly HOA payment. Knowing the financial and structural health of the community can help you avoid unexpected special assessments, financing problems, and expensive surprises after closing. Whether you're buying your first condo, comparing a condo vs. single-family home, or trying to better understand the home buying process, this episode will help you know what questions to ask before writing an offer. ✅ Are you Ready To Become A Homeowner: https://www.buyrightborrowsmart.com/quiz ✅ Start your stress-free journey today: theeducatedhomebuyer.com/start Topics Covered: Condo financing requirements, buying a condo, first-time home buyer tips, Fannie Mae condo guidelines, Freddie Mac condo guidelines, HOA reserves, HOA financials, condo special assessments, non-warrantable condos, condo inspections, condo insurance, mortgage requirements, HOA documents, and the home buying process.
