From the Chicago Tribune website : Because of underwriting changes by giant investors Fannie Mae and Freddie Mac , plus new restrictions by private-mortgage insurers, getting a loan on a condo or refinancing one you own could prove tougher than you imagined. … Even in the healthiest real estate markets, United Guaranty will require buyers to put at least a 10 percent down and will reject applications in buildings where more than 30 percent of the owners are investors.
This is my market report for the City of Waynesboro and Augusta County and this is the market report I wrote last Monday focused on the Central Virginia real estate market ; my market report is more focused on the Charlottesville market area – Charlottesville/Albemarle, Fluvanna, Greene and Nelson Counties – while the CAAR report encompasses the entire super-region. … For a graphical representation, check this out – for the first quarter 2008, sales of condos are down – way down – relative to the past few years. I’ll update this post on Monday when the Daily Progress releases their interpretation/report.