Condominium Financing- Freddie Mac.... at least 50% of the units in project are occupied as primary residences or second homes....

Freddie Mac on Condo Financing

Freddie Mac 's Requirements for Condos

http://www.freddiemac.com/learn/pdfs/uw/condo.pdf

....For all mortgages secured by a Condominium Unit in a Condominium Project, you must meet the requirements of Freddie Mac Single-Family Seller/Servicer Guide (Guide) Chapter 42, Special Requirements for Condominiums,........

(Page 3)

Definition of Established Condominium Project:

• Project and related facilities is complete and not subject to additional phasing, AND

• At least 90% of the total units are conveyed to unit purchasers other than the developer, AND

• Unit owners control the homeowners association

In addition to the project eligibility requirements in Guide Section 42.2, if the mortgage does not comply with the eligibility requirement for streamlined reviews in Guide Section 42.4, the mortgage must comply with the following requirements:

• All units, common elements and amenities are complete

• There are no manufactured homes in the project

• Owner-Occupancy Requirements:

- Primary residences and second homes: no owner-occupancy requirements

- Investment properties: at least 50% of the units in project are occupied as primary residences or second homes

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