Freddie Mac has made its list of condominium and housing projects categorized as "not eligible status" accessible to authorized representatives of condominium associations or housing cooperatives, indicating potential noncompliance with lending guidelines. This could lead to problems for owners wanting to sell.
Condominium project eligibility is crucial as Fannie Mae and Freddie Mac support around 70% of the mortgage market. Freddie Mac utilizes green and yellow statuses for condominium projects, with green indicating compliance and yellow suggesting caution due to non-compliance with requirements. To determine eligibility status, authorized representatives must complete a form on Freddie Mac's website, including project details and, if appealing a "not eligible" status, supporting documentation.
Learn more here.