As I Live and Learn
 

Tuesday, May 05, 2009

But why make it worse?

From AOL's Refinancing Do's & Don'ts:
"Fannie Mae recently tightened restrictions on condo loans: they won't guarantee loans in mostly still-vacant buildings or ones where 15% or more of owners are behind on their mortgage. They're also charging an added fee unless you have a 25% down payment."


Crud.

Hopefully that's just for refinancing, and not buying. But it could explain why so few people are coming through. The article didn't say anything about Freddie Mac, so also hopefully "he" hasn't made the same move.

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