lt’s becoming rather difficult to finance condo’s in FL.

 Memo Number 01-012009

Fannie and Freddie Mac have implemented the following changes for Condominiums located in Florida. These changes will be effective for all Florida projects reviewed on or after 1/15/2009.   Florida condominium project review requirements.

Attorney Opinion Letter warranting project meets all requirements of DOC 3258.
 
*Expedited Review requires the submission of Condominium Questionnaire, Budget, HOA insurance showing $1M liability and Fidelity coverage.

 https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0834.pdf


*Full Review requires the submission of a Condominium Questionnaire, Budget, HOA insurance showing $1M liability and Fidelity coverage, Appraisal and Attorney Opinion Letter warranting project meets all requirements of DOC 3258.
 
*Expedited Review requires the submission of Condominium Questionnaire, Budget, HOA insurance showing $1M liability and Fidelity coverage.
*Full Review requires the submission of a Condominium Questionnaire, Budget, HOA insurance showing $1M liability and Fidelity coverage, Appraisal and