help for non fannie mae or freddie mac loans

Specifically, condominium associations must be aware of the following changes: Significant Deferred Maintenance and Unsafe Conditions in Condos The new condominium requirements, as outlined below, will apply to all loans in attached condominiums or co-ops with 5 or more units. Fannie Mae Lender Letter (LL-2021-14) specifically states that new guidelines are necessary to combat aging infrastructure and significant deferred maintenance in condominiums in the wake of the tragic collapse of the Champlain South Tower in Surfside, Florida. On January 1, 2022, the updated Fannie Mae condominium lending guidelines will go into effect. 2022 Fannie Mae Updated Condominium Lending Guidelines As will be outlined below, purchasers will have a challenging time obtaining a loan to purchase a condominium unit in a condominium that has significant common element structural issues starting in 2022. As such, Fannie Mae and Freddie Mac have updated their lending guidelines in response to the Champlain Towers condominium collapse. As previously indicated in “ The Surfside Condo Collapse: A Condo Association Tragedy”, the Surfside condominium collapse was likely to bring about regulatory change. Since the Surfside condominium collapse, co-owners in Florida and Wisconsin have been forced to evacuate condominiums as a result of unsafe structural conditions. The Surfside condominium collapse was devastating for the condominium community and served as a wakeup call for many condominium associations.

Common Interest Community Association Act.Illinois General Not for Profit Corporation Act.Administrative Rules for the Illinois Community Association Manager Licensing and Disciplinary Act.Illinois Community Association Manager Licensing and Disciplinary Act.Illinois Condominium and Common Interest Community Ombudsperson Act.Condo Unit Owners Rights and Responsibilities Handbook.

Help for non fannie mae or freddie mac loans