Realtor Resources
We've created a central location for you to get answers quickly at any time, day or night.
Check Fannie Mae Condo Requirements
Occupancy Requirements
Fannie Mae wants to make sure people actually live in the condos they finance. So, at least 51% of the units in the condo building must be owner-occupied. That means the owners live there themselves.
Insurance Requirements
The condo building must have insurance coverage, including liability and property insurance. This ensures that if something bad happens, like a fire or a flood, there's enough insurance to cover the costs.
Financial Health
Fannie Mae checks the financial health of the condo association. They want to see that the association has enough money saved up for repairs and maintenance. This helps protect your investment in the condo.
Legal Issues
Fannie Mae also looks into any legal issues the condo building might have. This includes things like lawsuits or disputes. They want to make sure there aren't any major problems that could affect your ability to live in or sell the condo.
Condo Size
Fannie Mae has size requirements for condos. They prefer condos to be at least 400 square feet in size. This ensures that the condo is livable and meets basic standards.
Did You Know?
When a manufactured house has been moved from another property, a special non-conforming loan product will be required. This requires a minimum of 5% down and will have higher interest rates associated with the loan.
Listings to Leads
Listings to Leads is your ultimate ally in real estate marketing, providing a seamless platform to showcase your listings, capture leads, and nurture client relationships. With its intuitive interface and robust features like automated campaigns and social media integration, you can effortlessly expand your reach and drive growth in your business.
Through us, you can utilize these benefits at no cost. Simply fill out the form below to let us know you're interested, we'll sign you up, and you can get started on expanding your marketing!
Check USDA Eligibility Zones
This button will take you to the USDA Eligibility Zone map, where you can search for properties by address.
Area Median Income Lookup Tool
This button will take you to the FNMA Area Income map, where you can search for properties by address.
Check FEMA Flood Zones
This button will take you directly to the FEMA Flood Map Service Center, where you can search for properties by address.
Cindy Regan, All Rights Reserved
Cindy Regan - Originating Branch Manager - NMLS #264375
The Lending Authority Team - Hancock Mortgage -Powered by City First Mortgage Services LLC - NMLS #3117
Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. The Lending Authority Team powered by City First Mortgage Services is not an agency of the Federal Government, and is not acting on behalf or at the direction of HUD/FHA.
Cindy Regan, All Rights Reserved
Cindy Regan - Originating Branch Manager - NMLS #264375
The Lending Authority Team - City First Mortgage Powered by Gold Star Financial Group
NMLS #3446
NMLS Consumer Access | Terms of Use | Consumer Privacy Policy | Website Privacy Policy | Company State Licenses | CCPA Privacy Policy | Do Not Sell My Information | Texas Consumer Complaint Disclosure | Program and Rate Examples
Gold Star Mortgage Financial Group, Corporation (NMLS ID #3446) is an Equal Housing Opportunity lender and FHA-approved lender. Gold Star Mortgage Financial Group, Corporation is a California financial lending institution licensed by the California Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Gold Star Mortgage Financial Group, Corporation is not the FHA or any other government agency. The FHA does not directly originate, underwrite, service, or guarantee any residential mortgage loan. Not all products are available in all states.
Gold Star Mortgage may choose to recommend Modern Title Group LLC (at times, d/b/a Gold Star Close) or Radiant Insurance, LLC. Gold Star Mortgage has a direct or indirect financial or ownership interest in Modern Title Group LLC (at times, d/b/a Gold Star Close) and Radiant Insurance, LLC. You are not required to use either Modern Title Group LLC (at times, d/b/a Gold Star Close) or Radiant Insurance, LLC.
