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Newly Built San Francisco Condo Tower Lands on Fanny/Freddy Mortgage Blacklist
On the surface, the Mira skyscraper was executed perfectly by New York-based developer Tishman Speyer. So why is it already on a mortgage blacklist?
Source: Thomas Sawano/The StandardExperts say what’s transpiring at the Mira is par for the course for a new development that still has active warranty — comparable to bumper-to-bumper coverage for cars that cover the cost of repair or replacement during a set period of time or mileage. While Fannie Mae and Freddie Mac don’t want to guarantee a loan on the Mira, other lenders could look into the cited issues themselves and find that they are willing to tolerate the risks and offer buyers mortgages with higher interest rates and down-payment requirements, Light said. Source: Thomas Sawano/The StandardIf a party wants to move forward, mortgage brokers will shop the buyer’s profile — which would include credit history and down-payment amount — to wholesale lenders to see if any would make a loan on the property.
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