On the subject of financing a condominium, it’s vital to know the particular necessities set by Fannie Mae and Freddie Mac. These two government-sponsored enterprises play an important position within the mortgage business, and MortgageDepot is proud to work with each of those authorities companies to supply debtors with one of the best financing choices.
Fannie Mae’s Rental Necessities
Fannie Mae permits a Single Entity Investor to personal not more than 20% of a growth of 21 or extra items. Because of this if a single investor owns greater than 20% of the items in a condominium growth, it could not meet Fannie Mae’s necessities for financing. Nonetheless, MortgageDepot has a large community of lenders who work with Fannie Mae, guaranteeing that debtors have entry to financing choices even when their condominium growth doesn’t meet this particular requirement.
Freddie Mac’s Rental Necessities
However, Freddie Mac is barely extra lenient with regards to condominium necessities. They permit as much as 25% possession by a Single Entity Investor within the growth of 21 or extra items. Because of this debtors who need to finance a condominium in a growth the place a single investor owns greater than 20% of the items should still be eligible for financing by way of MortgageDepot’s community of lenders who work with Freddie Mac.
MortgageDepot’s Benefit
At MortgageDepot, we perceive that each borrower’s scenario is exclusive. That’s why we work with each Fannie Mae and Freddie Mac lenders to supply debtors with a variety of financing choices. By leveraging the particular condominium necessities set by these companies, we are able to discover one of the best answer for every borrower’s wants. Whether or not your condominium growth meets Fannie Mae’s 20% possession restrict or Freddie Mac’s 25% possession restrict, we have now the experience and sources that can assist you safe the financing you want.
Understanding the condominium necessities set by Fannie Mae and Freddie Mac is essential with regards to financing a condominium. Whereas Fannie Mae limits the possession by a Single Entity Investor to twenty% in a growth of 21 or extra items, Freddie Mac permits as much as 25% possession. At MortgageDepot, we make the most of each company lending necessities to supply debtors with a variety of financing choices. Whether or not your condominium growth meets Fannie Mae’s or Freddie Mac’s necessities, we have now the experience and community of lenders that can assist you navigate the method and safe the financing you want.
