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
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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 - 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.