{"id":245,"date":"2010-06-29T18:31:10","date_gmt":"2010-06-29T18:31:10","guid":{"rendered":"http:\/\/blog.topbev.com\/?p=245"},"modified":"2010-06-29T18:31:10","modified_gmt":"2010-06-29T18:31:10","slug":"shut-out-by-the-restrictive-fnmafnmlc-condo-financings-rules-another-option-you-can-explore","status":"publish","type":"post","link":"https:\/\/blog.topbev.com\/?p=245","title":{"rendered":"Shut Out by the Restrictive FNMA\/FNMLC Condo Financings Rules&#8211;Another Option you Can explore"},"content":{"rendered":"<p>In the course of representing a developer of a 6 Unit Condominium in Boston, I may have uncovered some information that can be helpful to the ActiveRain community. There\u00a0is a\u00a0lender out there who will make FNMA type loans (not portfolio) on projects which the lender, itself, certifies to its own satisfaction. This lender does its own &#8220;due diligence&#8221; and decides whether the project is acceptable. \u00a0There are some conditions (of course), the most important of which is that the certification must be while the project is in a &#8220;pre-sale&#8221; mode.<\/p>\n<p>That means that this lender will not certify older, existing condominiums where the owner-occupancy standards are not met, only newly marketed units. Nonetheless, having a financing source for the many still unsold projects which are really not &#8220;saleable&#8221; may be worth your while to explore.<\/p>\n<p>For obvious reasons, I prefer not to broadcast the lender in question. If any of my New England readers want to get more details, contact me at <a href=\"mailto:etopkins@topbev.com\">etopkins@topbev.com<\/a>. I am glad to give out the referral; I just am not authorized to broadcast it.<\/p>\n<p>Elliott Topkins<\/p>\n<p><a href=\"http:\/\/www.topkinsandbevans.com\/\">www.topkinsandbevans.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the course of representing a developer of a 6 Unit Condominium in Boston, I may have uncovered some information that can be helpful to the ActiveRain community. There\u00a0is a\u00a0lender out there who will make FNMA type loans (not portfolio) on projects which the lender, itself, certifies to its own satisfaction. This lender does its &hellip; <a href=\"https:\/\/blog.topbev.com\/?p=245\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Shut Out by the Restrictive FNMA\/FNMLC Condo Financings Rules&#8211;Another Option you Can explore<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[144],"tags":[70,60,64],"class_list":["post-245","post","type-post","status-publish","format-standard","hentry","category-condominium","tag-condominium-buyers","tag-condominiums","tag-financing"],"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":175,"url":"https:\/\/blog.topbev.com\/?p=175","url_meta":{"origin":245,"position":0},"title":"Delinquent Common Area Fees&#8211;The Only Policy is ZERO TOLERANCE","date":"June 24, 2010","format":false,"excerpt":"It was the late 1980's. Condominiums in Massachusetts were literally going \"broke\" because unit owners were not paying their common area fees. That meant that water bills and common electricity bills were not being paid. The towns and utilities tried to work with the Trustees to the extent they could.\u2026","rel":"","context":"In \"actions by trustee\"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":264,"url":"https:\/\/blog.topbev.com\/?p=264","url_meta":{"origin":245,"position":1},"title":"Massachusetts Condominiums Should have Websites&#8211;It outta be the Law","date":"June 30, 2010","format":false,"excerpt":"Condominiums in Boston, Massachusetts and surrounding towns come in all shapes and sizes. There are a plethora of 2 and 3 Unit condominiums, former personal\u00a0properties where the owner usually lived in one of the apartments, and rented out the other apartments to family or third parties. These \"Mom and Pop\"\u2026","rel":"","context":"In &quot;Condominium&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":190,"url":"https:\/\/blog.topbev.com\/?p=190","url_meta":{"origin":245,"position":2},"title":"Difficult Condominium Trustees and Officers&#8211;The Enemy Down the Hall","date":"June 24, 2010","format":false,"excerpt":"Recently. I have experienced difficulty in dealing with Condominium \"management\", so-called, with respect to matters which involve my clients. I am a Massachusetts title and real estate attorney, and in the course of my representing both Buyers, Sellers and current\u00a0 Unit Owners of condominiums in Massachusetts, I have experienced an\u2026","rel":"","context":"In &quot;Condominium&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":140,"url":"https:\/\/blog.topbev.com\/?p=140","url_meta":{"origin":245,"position":3},"title":"New Restrictive Financing Guidelines are Killing our Industry-A Call to Action","date":"June 23, 2010","format":false,"excerpt":"In a recent article in the New York TIMES,\u00a0problems besetting our industry were the main focus. Examples of people who had committed to purchase as yet unbuilt homes, free standing and condominiums,\u00a0 and were now\u00a0\"trapped\" by new FNMA\/FHLMC Guidelines, which have made many financing programs much more restrictive, in terms\u2026","rel":"","context":"In \"fhlms\"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":887,"url":"https:\/\/blog.topbev.com\/?p=887","url_meta":{"origin":245,"position":4},"title":"Behind in Your Mortgage: A Few Principles to Guide You","date":"February 29, 2012","format":false,"excerpt":"There are some rather complicated areas involving who is in front of whom in terms of real estate transactions, and you need to know these, especially if your mortgage payments are in arrears.","rel":"","context":"In &quot;closing&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":415,"url":"https:\/\/blog.topbev.com\/?p=415","url_meta":{"origin":245,"position":5},"title":"That Old Stand-By &#8220;The Condominum Conversion&#8221;&#8212;Some &#8220;how to&#8221; Steps for a Real Estate strategy that Still Remains Viable","date":"July 12, 2010","format":false,"excerpt":"Even in today's distressed real estate environment, there are times where a condominium conversion makes sense. I have been working on condominium conversions for more than twenty year. There follows a short summary of the process, with the thought that condominium conversion may make the best sense for your multi-unit\u2026","rel":"","context":"In &quot;Condominium&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=245"}],"version-history":[{"count":3,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/245\/revisions"}],"predecessor-version":[{"id":737,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/245\/revisions\/737"}],"wp:attachment":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}