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Lynn Porter Real Estate Editor |
March 26, 2009
A new Fannie Mae guideline aimed at protecting people from buying into condo projects that are likely to fail is affecting the local real estate market.
Under the rule enacted March 1, a new or newly converted condo project must have at least 70 percent of its units under contract or sold before Fannie will guarantee mortgages there so the loans can close. The previous requirement had been 51 percent.
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