Why Condos Are Getting Harder To Buy

Buying a condo may be about to become significantly more difficult, even for buyers with good financial standing. Beginning August 3rd, Fannie Mae and Freddie Mac are making big changes to how condominium mortgages are reviewed. Streamlined review process that applied to many transactions will now be retired. Instead, lenders will now have to conduct a more comprehensive review of a the building before the mortgage can go to Fannie Mae or Freddie Mac. Reporter: Sarah Agostino Produced by: Juhohn Lee Edited by: Meline Rosales Animation by: Jason Reginato, Emily Park Senior Director of Video: Jessica Leibowitz Additional Footage: Getty Images » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Want to get ahead at work? Then you need to learn how to make effective small talk. In CNBC’s new online course, How To Talk To People At Work, expert instructors teach you how to use everyday conversation to gain visibility, build meaningful relationships and advance your career. Sign up now: https://cnb.cx/4sGlSkh Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC on Threads: https://cnb.cx/threads Follow CNBC News on X: https://cnb.cx/FollowCNBC Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC #CNBC Why Buying A Condo Just Got Harder