What 2022 condo financing changes mean for your buyers and sellers

The devastating Surfside Condo collapse in Florida has changed the mortgage landscape for all loans as of January 1. There are new requirements for lending that may slow down the mortgage process due to a deeper dive into the structural, mechanical and financial soundness of a condominium project.

Here are ways you can ensure your clients are selecting the right property and that they get to the closing table quickly:  

  • Cross check associations against Key’s Fannie Mae ineligible list. Note: If there is an ineligible feature and it has been mitigated, our Key loan officers can help remove the association from this list.
  • Obtain special assessment and budget as early as possible so our Key LO can review and identify potential issues
  • If you know the association will not meet the new guidelines, Key Mortgage still has options for financing, contact a Key loan officer!

Ensure your buyers or sellers can close the condo of their dreams by reaching out to a Key Mortgage LO today, the earlier the better. Understanding the new guidelines will help you and your clients get to the closing table quicker.

By working with a Key Mortgage loan officer, you will be armed with the information you need to set yourself apart from the competition. Reach out to a Key LO to learn more about how we can help you secure your next listing or buy-side deal. Our goal is to make your transaction easier.