New Condo Rules May Limit Sales

Fannie Mae, the biggest player in the mortgage market, wants to ensure that if it's backing a loan for a condominium, the building is in good shape. If the building is brand new, Fannie Mae wants to be certain there are enough owners to pay for maintenance and preserve the value of the property. Under the new regulations, Fannie Mae will reject any mortgage for a condo buyer if more than 15 percent of owners are delinquent on their association fees. What's more, Fannie Mae will only guarantee mortgages in new or newly converted condo developments if 70 percent of the units are sold or under contract.

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