Fannie Adds Restrictions to Condo Loans

This won't help move condos--those being marketed by builders and those listed by homeowners. From "Fannie Tightens Its Conditions for Backing Condo Mortgages" in the Wall Street Journal:

Fannie Mae has added restrictions making it more difficult for developers to sell their units.
The government-backed mortgage-finance company stopped guaranteeing mortgages in condo buildings where fewer than 70% of the units have been sold, up from 51%.

In addition, the company won't back loans for sales in buildings where 15% of current owners are delinquent on association fees or where more than 10% of units are owned by a single-entity.
The new policy became effective March 1.

A blogger comments: Also, Fannie added an HO-6 insurance requirement on all condo purchases and refis. Basically a personal property insurance.