There are an estimated 175,000 condo associations in the U.S., according to the Community Associations Institute, making the property type an important part of the housing market. Those associations oversee millions of condo units – some are high-value penthouses, but many units serve as retirement homes, starter homes and investment properties.
Expect HUD to issue its own rules...in addition to cap on investment properties and delinquent condo fees.
Non-warrantable mortgages aren’t resold to Fannie and Freddie. Instead, they’re held in the portfolio of a lender, or sold to private investors.
Source: Bankrate article
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