New Lending Rules Could Stifle Loans, Insurance for Florida Condos that Need Repairs

Insurance Journal, Feb. 22, 2022
Freddie Mac and Fannie Mae are now requiring banks to evaluate the condition of buildings before approving a loan, the Miami Herald reported. The corporations said they will no longer back condo mortgages in buildings facing critical repairs or material deficiencies, such as water intrusions or even mold, or that have deferred maintenance that has resulted in “advanced deterioration.”