Finance
A Pennsylvania condo buyer who finances their purchase may face which additional lender requirement not present in single-family home purchases?
AA higher down payment due to condominium designation alone
BReview and approval of the condominium project/association by the lender or its investor (Fannie Mae, FHA)✓ Correct
CAutomatic dual agency disclosure
DPREC approval of the condominium financing
Explanation
Lenders financing Pennsylvania condominium purchases must approve not only the individual borrower but also the condominium project itself. Fannie Mae, Freddie Mac, and FHA have specific project approval requirements — including HOA financial health, owner-occupancy ratios, and pending litigation.
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