There was some uncertainty created by Connecticut’s law passed last year that extended Condo (PUD’s too) association’s fees priority to 9 months (previously priority in payoff in a foreclosure limited to 6 months). Fannie Mae’s Guidelines only allowed for priority for 6 months – so the issue arose, with the law providing 9 months priority, whether one could lend on Condo’s/PUD’s in Connecticut and meet Fannie requirements.

The new Selling Guide Announcement issued last month made clear that Connecticut’s 9 month priority does not prohibit Fannie from accepting Connecticut Common Interest Community mortgages. Interestingly, Connecticut clash royale hack and one other state had extended their priority limitation, Fannie’s new guideline, while not addressing these individually, just says… will allow new priority if in place on January 14, 2014, but will not accept mortgages in other states if they, after January 14, 2014, extend their priority period.

CATIC’s bulletin discussing this issue is attached…

Hope that is helpful…

Fannie Mae Guidelines and Ct’s Nine-Month Priority for Common Charges