For the purposes of getting preapproval letters, we are asking folks to work with one of our partner lenders. We’ve had issues with folks getting inaccurate advice from lenders when it comes to condo mortgages, and we want to be sure that all folks getting preapproval letters are getting them from lenders who we can rely on for accuracy — and who have committed to provide mortgage financing.
When it comes time to close on the purchase of the condo, people will be free to work with whoever they want.
The challenge these days is that Fannie Mae and Freddie Mac mortgage products are largely unavailable for new construction condominiums, and we’ve had to put together a consortium of lenders who will make in-house portfolio loans available. This is why you don’t see more condos getting built — because mortgage financing is so hard to get.