Since the Surfside, Florida condo collapse, Fannie Mae’s list of ineligible condos and co-ops has grown 55%.
In the 16 months since the new standards took effect, Fannie Mae’s list of ineligible condos and co-ops grew from about 900 nationwide to more than 1,400, Tomaselli said. Of those, just over 60 are in Southern California.
“You’re essentially blacklisting the community, and that affects values,” said David Gaylord, a mortgage broker with Arbor Financial in Laguna Niguel. The Harbor Lofts condominiums along West Center Street Promenade in downtown Anaheim, on Tuesday, April 11, 2023. Mortgage giant Fannie Mae recently put the Harbor Lofts of a list of condo projects that are ineligible for Fannie Mae-backed loans because the HOA had filed a construction defect lawsuit against the building’s developers. There are 132,000 to 157,000 condo and co-op complexes in the U.S., according to the Community Associations Institute.
“These measures help protect borrowers from physically unsafe or financially unstable projects,” a spokesperson said in an email.Like Fannie Mae, the Federal Housing Administration keeps a list of condos and co-ops ineligible for FHA mortgages. But the FHA makes its list public, even providing an online search engine to look up the eligibility status of condo complexes.But real estate agents, mortgage brokers and industry insiders say it should be public.
But because the list is secret, HOAs have a hard time finding out why they’re on the list or how to get off it, industry officials said.Making the list public provides “greater transparency,” said Ken Fears, NAR’s director of conventional finance and valuation policy. Some HOA attorneys advise their clients not to fill out the new questionnaires, saying there’s too much risk, Richardson said.
A construction defect lawsuit against the builder landed the Mariposa at Plum Canyon condominium complex in Santa Clarita on Fannie Mae’s secret list of condos and co-ops that can’t get less-costly Fannie-backed mortgages. The list has grown from about 900 before new lending guidelines took effect to more than 1,400, according to condo loan expert Orest Tomaselli of Philadelphia.
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