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Starting in January 2009, Condo loan guidelines will be even more difficult for home buyers.  Fannie Mae &  Rising RatesFreddie Mac guidelines will change which will affect nearly all conventional condo loans.  But, FHA loans should not be affected (good news).  The major change is a pricing adjustment  that will increase the interest rate for the following condo loans.

  • Buyer is putting down 25% or less (Loan to value percentage exceeds 75%). 
  • If a condo loan term is great than 15 years

The approximate rate increase on these types of condo loans will be 1/2% or higher.

These new condo guidelines would have affected nearly 99.999% of all condo owners that I have helped since 1996.  This is a ridiculous new change that I think will really hurt condo sales in the Columbus, Ohio area.  We are moving in the wrong direction if we want to try and help the real estate and mortgage industry recover.

Good luck out there!

Home Buyer Advocate Mike

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HomeBuyer Advocate Mike


Representing People, NOT Property in Columbus, Ohio. If you are a home buyer, then you need me to protect you. I can help you get the best price and terms for your next home purchase. You must use a true Buyer Broker! 1.614.805.7607

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