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The changes are part of an effort by mortgage giants Fannie Mae and Freddie Mac to limit risky lending in a segment of the housing market particularly hard hit by foreclosures in recent years.
In addition to paying higher condo fees, prospective buyers now must make down payments of up to 20 percent because companies that traditionally insure lenders against borrowers who default are shying away dealing with condo associations.
Condos are considered more problematic to lenders because a few foreclosures can affect property values for an entire complex. Also, he said, they carry monthly condo fees and special HOA assessments that can create massive collective debts if individual unit owners fall behind on payments. It's particularly unfair to first-time buyers, who often opt for condos, she said.
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