Fannie Mae 30% down requirement for a Walkup

I can't believe it isn't higher. I mean imagine if there was something major to fix. You'd have to spread that cost over like 4 people and 2 of them are rent controlled. Omfg. It should be 100%.

Never heard of anything like that before. Im pretty sure you can read through Fannie's 1000 page guide and not find anything on that. Sounds ridiculous. Maybe that's your mortgage broker's requirements. The one thing that Fannie WILL look for is comps at other coop walk-ups. sunny.hong@bankofamerica.com

Is it possible that the broker (or whoever described the restriction to the broker) was using "walkup" as shorthand for a co-op with a very low number of units? The two attributes are tightly correlated, so it's easy to imagine somebody speaking authoritatively about restrictions on "walkups" when the restriction is really on small buildings, whether they have elevators or not.

We bought in a seven-unit walk-up co-op earlier this year and only had to put 20% down. (We voluntarily chose to put more down, however.)

Fannie Mae did require certain waivers, I believe because a co-op is flagged if anyone one owner holds more than 10% of the shares. (Here, we all do.) But our mortgage broker took care of that.

All of the big banks have financed within our tiny building.