First-time homebuyers in Southern California face mixed news this spring. While the inventory of condos has increased, prices remain at record highs, compounded by high interest rates and intense competition for well-priced properties. Adding to the challenge, 438 condo communities in Southern California are on Fannie Mae’s “blacklist,” making it nearly impossible to secure government-backed loans for these properties. This list is part of a larger group of 685 condo complexes across California that are affected, according to the Orange County Register.
The blacklist complicates the buying process for those seeking more affordable housing options, as these condos are often seen as entry points into homeownership. Without access to government-backed loans, potential buyers may need to seek alternative financing, which can be more expensive and less accessible.
Despite the challenges, the increased inventory offers some hope for buyers. However, the pressure remains high to find properties that are both affordable and not restricted by the blacklist.
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