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Multifamily Developer/Managers
Lenders/Realtors/Nonprofits
Hello, I'm working with a realtor who is representing a developer to sell their condo building which has 10 units. This building was built 20 years ago and the builder has been renting all 10 units. They are now planning to send all 10 units. I was told FannieMae probably won't do financing on it because it's a non-gut conversation. Freddie needs to have 6 unit presale before they may start lending, due to single entity ownership issue. Does CalHFA follow Fannie or Freddie condo guidelines?
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KBID
686
Date Created:
3/11/2024
Date Modified:
3/11/2024
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We follow Fannie & Freddie condo guidelines, and we allow Condos and PUDS that are Fannie Mae-eligible and meet CalHFA Master servicer guidelines.
CalHFA does not lend money directly to consumers. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans. CalHFA purchases closed loans that meet CalHFA's requirements. The fees consumers pay could be different depending on the lender and the program.
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Hello, I'm working with a realtor who is representing a developer to sell their condo building which has 10 units. This building was built 20 years ago and the builder has been renting all 10 units. They are now planning to send all 10 units. I was told FannieMae probably won't do financing on it because it's a non-gut conversation. Freddie needs to have 6 unit presale before they may start lending, due to single entity ownership issue. Does CalHFA follow Fannie or Freddie condo guidelines?
https://www.fuzeqna.com/calhfa/ext/kbdetail.aspx?kbid=686
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Name of High School graduated from
Last name of favorite teacher
Son's middle name
Daughter's middle name
Pet's name
Square footage of home
First girlfriend's/boyfriend's name
What city were you born in?
On what street did you grow up?
What is your mother's maiden name?
What was your high school mascot?
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