Tag: investing

Condo Financing Is Changing This August 2026: Here’s What Buyers & Realtors Need to Know

If you’re buying or selling a condo with conventional financing, there’s an important change taking effect August 3, 2026.

Fannie Mae and Freddie Mac are retiring the Limited Review (Fannie Mae) and Streamlined Review (Freddie Mac) processes for established condominium projects. Going forward, most condo transactions will require a Full Project Review.

What Does This Mean?

In the past, many condo purchases could be approved using a Limited Review, which focused primarily on the borrower’s qualifications and required less documentation from the homeowners association (HOA).

Beginning August 3, lenders will take a much closer look at the condo project itself, including:

  • HOA budget and financial health
  • Reserve funding
  • Insurance coverage
  • Pending litigation
  • Special assessments
  • Deferred maintenance
  • Overall project eligibility

These items all play a role in determining whether a condo is considered warrantable for conventional financing.

What Is a Warrantable Condo?

A warrantable condo is a condominium project that meets Fannie Mae and Freddie Mac’s guidelines, making it eligible for conventional financing.

A project may become non-warrantable if there are concerns such as:

  • Inadequate reserve funding
  • Insurance deficiencies
  • Significant deferred maintenance
  • Excessive HOA delinquencies
  • Certain types of litigation

When a project is non-warrantable, buyers may need alternative financing with different terms, which can reduce the pool of eligible buyers.

What Realtors Should Know

✅ Build extra time into your contract for condo review.

✅ Don’t assume a condo that qualified last year will automatically qualify today.

The HOA—not just the buyer—will now have a much larger impact on whether a conventional loan can be approved.

What Buyers Should Know

If you’re purchasing a condo, don’t be discouraged. Many condo communities will continue to qualify for conventional financing.

The key is working with a lender who understands condo financing and can identify potential issues early in the process.

With the right preparation, you can avoid surprises and keep your transaction on track.

Bottom Line

Condo financing is becoming more detailed, not impossible.

As underwriting standards continue to evolve, early planning and experienced guidance are more important than ever.

If you’re considering buying or selling a condo, let’s review the property early so we can identify any potential financing concerns before they become closing delays.

Contact Chris Shumate at Fairway Home Mortgage

Whether you’re a homebuyer, real estate agent, or seller with questions about condo financing, we’re here to help you navigate these new guidelines and identify potential issues before they impact your closing.

Chris Shumate
Senior Mortgage Loan Officer | Fairway Home Mortgage

📞 (404) 791-3155
📧 chriss@fairwaymc.com
🌐 http://chrisshumatefairway.com

Follow Chris and the Shumate Mortgage Team:

The Biggest Homebuying Mistake? Waiting Too Long to Get Pre-Approved

Why Mortgage Pre-Approval Should Be Your First Step Before House Hunting

One of the biggest mistakes Chris Shumate sees homebuyers make isn’t choosing the wrong home—it’s waiting until they’ve already found the perfect home before getting pre-approved.

Watch Chris explain in this quick video:

👉 Video: https://youtube.com/shorts/MX3OhOWQjOg

If you’ve started browsing homes online, attending open houses, or scrolling through listings on social media, you may already be thinking about your dream home. But before you fall in love with a property, there’s one critical step you should take first: getting pre-approved for a mortgage.

Why Pre-Approval Matters

A mortgage pre-approval gives you a clear understanding of how much home you can afford before you begin shopping.

Instead of guessing your budget, you’ll know exactly where you stand financially and what loan programs are available to you.

More importantly, you’ll be ready to act when the right home hits the market.

In Today’s Market, Timing Matters

Homes in desirable neighborhoods often receive multiple offers within days—or even hours—of being listed.

When you find the perfect home, the last thing you want is to lose valuable time gathering documents and starting the loan process.

Buyers who are already pre-approved can:

  • Submit offers faster
  • Show sellers they are serious
  • Compete more effectively in multiple-offer situations
  • Avoid delays that could cost them the home

A Pre-Approval Makes Your Offer Stronger

From a seller’s perspective, a pre-approved buyer is less risky than someone who has not yet spoken with a lender.

A pre-approval letter demonstrates that:

  • Your income has been reviewed
  • Your credit has been evaluated
  • Your financial situation has been analyzed
  • A lender has already determined your buying power

This gives sellers confidence that your financing is likely to move forward smoothly.

Avoid Heartbreak and Disappointment

Imagine finding the perfect home only to discover:

  • The monthly payment is higher than expected
  • You qualify for less than you thought
  • A credit issue needs to be addressed
  • Additional documentation is required

These situations can delay your home search or cause you to miss out on a home you truly wanted.

Starting with a pre-approval helps uncover potential challenges early, giving you time to address them before they become obstacles.

What You’ll Learn During the Pre-Approval Process

A professional mortgage consultation can help you understand:

Your Home Buying Budget

Know what payment fits comfortably within your financial goals.

Down Payment Options

Explore conventional, FHA, VA, USDA, and other loan programs.

Monthly Payment Expectations

Understand principal, interest, taxes, insurance, and mortgage insurance costs.

Credit Improvement Opportunities

Learn whether simple changes could help improve your loan options.

Competitive Buying Strategies

Be prepared to act confidently when the right property becomes available.

Get Ahead Before You Start Looking

The most successful homebuyers don’t wait until they find a home to begin the financing process.

They create a game plan first.

By getting pre-approved early, you’ll shop with confidence, understand your options, and be ready to make a strong offer when the perfect home shows up.

Work With an Experienced Mortgage Professional

With more than 25 years of mortgage lending experience, Chris Shumate has helped over 3,500 families achieve homeownership and has been recognized among the Top 1% Mortgage Originators in America for six consecutive years. Chris and his team are committed to making the mortgage process simple, educational, and stress-free for every client they serve.

Contact Chris Shumate at Fairway Home Mortgage

📞 (404) 791-3155

📧 chriss@fairwaymc.com

🌐 http://www.chrisshumatefairway.com/

📱 Instagram: https://www.instagram.com/chris.shumate.mortgage

📱 Team Instagram: https://www.instagram.com/shumatemortgageteam/

📘 Facebook: https://www.facebook.com/ShumateMortgageTeam/

🎥 YouTube: @chrisshumatemortgage

Ready to Start Your Home Search?

Before you start touring homes, make sure you have the right financing strategy in place.

Getting pre-approved today can help you move quickly, negotiate confidently, and avoid missing out on the home you’ve been waiting for.

Your Mortgage Payment Went Up — Here’s Why

If you’ve opened your mortgage statement recently and thought, “Why did my payment go up?” — you’re not alone.

This is one of the most common questions homeowners ask. The good news? In most cases, there’s a clear explanation—and even better, there are ways to plan for it.

🎥 Watch: Quick Breakdown

The Real Reason Your Payment Changed

Here’s the key thing to understand:

Your loan itself likely didn’t change.
What changed is what’s included in your monthly payment.

Most mortgage payments include:

  • Principal
  • Interest
  • Property Taxes
  • Homeowners Insurance

Those last two are part of your escrow account—and they can change over time.

1. Property Taxes Increased

Property taxes are one of the most common reasons for a higher payment.

  • Local governments reassess property values
  • Higher home values can mean higher taxes
  • Even small increases can impact your monthly payment

Since taxes are paid through escrow, your lender adjusts your payment accordingly.

2. Homeowners Insurance Went Up

Insurance premiums have been rising nationwide.

This can be due to:

  • Increased construction costs
  • More weather-related claims
  • Market-wide insurance changes

When your premium increases, your monthly escrow payment increases too.

3. Escrow Account Adjustment (The Most Overlooked Reason)

This is where most surprises happen.

Your lender reviews your escrow account once a year:

  • If there’s a shortage → your payment goes up
  • If there’s a surplus → you may get a refund or lower payment

Sometimes, your payment increases not just because of higher taxes or insurance—but because you’re also catching up from a previous shortage.

What This Means for You

The key is understanding what changed and why.

Taking time to:

  • Review your escrow statement
  • Look at your tax and insurance changes
  • Plan ahead for future adjustments

…can help you avoid surprises down the road.

Can You Lower Your Payment?

In some cases, yes. Here are a few options:

  • Shop around for lower homeowners insurance rates
  • Appeal your property tax assessment (if applicable)
  • Explore a refinance strategy
  • Request an escrow review if something doesn’t look right

Every situation is different, so it’s important to look at the full picture.

Work With Someone Who Explains the “Why”

With over 25 years of experience and more than 3,500 families helped, Chris Shumate focuses on making sure clients fully understand their mortgage—not just the numbers, but the reasoning behind them.

Because when you understand what’s happening, you can make better financial decisions.

Let’s Take a Look at Your Situation

If your payment went up and you’re not sure why—or you just want a second opinion—we’re here to help.

🏠 Contact Chris Shumate at Fairway Home Mortgage

📞 (404) 791-3155
📧 chriss@fairwaymc.com

🌐 http://www.chrisshumatefairway.com/

📱 Follow on Instagram: https://www.instagram.com/chris.shumate.mortgage
📱 Follow our team on Instagram: https://www.instagram.com/shumatemortgageteam/
📘 Facebook: https://www.facebook.com/ShumateMortgageTeam/
🎥 YouTube: @chrisshumatemortgage

Condo Financing Just Opened Up: What Buyers and Homeowners Need to Know in 2026

Condo Financing Is Opening Back Up

If condos have felt difficult—or even impossible—to finance over the past few years, you’re not alone. Rising insurance costs, stricter lending guidelines, and project eligibility issues created major roadblocks for buyers and homeowners.

The good news? That’s changing.

Recent updates from Fannie Mae and Freddie Mac are opening the door for more condo approvals, fewer restrictions, and new opportunities across Georgia and the Southeast.

What Changed with Condo Financing in 2026?

These updates are designed to address the exact issues that have been holding deals back.

Investor Concentration Restrictions Eased

Previously, many condo projects were disqualified if too many units were investor-owned.

Now, with the 50% investor cap removed, more condo communities are eligible for financing.

What this means:

  • More inventory available for buyers
  • Increased opportunities in investor-heavy markets like Atlanta

Insurance Flexibility Increased

Insurance has been one of the biggest hurdles in condo approvals.

New updates now allow:

  • Depreciated ACV (Actual Cash Value) roof coverage
  • Simplified deductible requirements

What this means:

  • Fewer insurance-related loan denials
  • Smoother underwriting process

Expanded Review Waivers for Small Projects

Projects with 10 or fewer units may now qualify for review waivers, allowing faster and simpler approvals.

What this means:

  • Easier financing for smaller condo communities
  • Faster closings with fewer delays

Why This Matters for Buyers

If you’re considering buying a condo, this shift is significant.

  • More condos now qualify for conventional financing
  • Lower insurance costs can improve affordability
  • Previously “off-limits” properties may now be eligible again

For first-time homebuyers, condos are often one of the most affordable ways to enter the housing market—so this opens real opportunities.

What It Means for Condo Owners

If you already own a condo, these changes could directly impact your property value and marketability.

  • Your condo may now attract more buyers
  • Financing accessibility can help improve resale value
  • HOA insurance changes could influence dues and long-term value

Not Every Condo Will Qualify the Same

Even with these improvements, not all condos are created equal.

The difference between a smooth closing and a deal that falls apart often comes down to:

  • HOA financials
  • Insurance coverage details
  • Project eligibility

That’s where experience matters.

Work with a Team That Knows Condo Financing

With over 25 years of experience, Chris Shumate with Fairway Home Mortgage specialize in helping buyers and homeowners navigate complex condo financing scenarios.

We focus on:

  • Identifying potential issues early
  • Structuring loans correctly from the start
  • Providing clear, data-driven guidance

Because getting approved is one thing—getting to the closing table without surprises is what really matters.

Bottom Line

Condo financing has officially opened back up, creating new opportunities for buyers and homeowners across Georgia and the Southeast.

But success still comes down to having the right strategy—and the right team guiding you through the process.

Contact Chris Shumate

🏠 Fairway Home Mortgage
📞 (404) 791-3155
📧 chriss@fairwaymc.com
🌐 http://www.chrisshumatefairway.com/

📱 Instagram: https://www.instagram.com/chris.shumate.mortgage
📱 Team Instagram: https://www.instagram.com/shumatemortgageteam/
📘 Facebook: https://www.facebook.com/ShumateMortgageTeam/
🎥 YouTube: @chrisshumatemortgage

Chris Shumate – Fairway Home Mortgage Voted Best of Gwinnett 2025

Chris Shumate – Fairway Home Mortgage Voted Best of Gwinnett 2025

We are honored and excited to announce that Chris Shumate – Fairway Home Mortgage has been officially Voted Best of Gwinnett 2025 in the Financial Services category!

This recognition is especially meaningful because Best of Gwinnett is determined by community votes and customer support throughout Gwinnett County, Georgia. We are incredibly grateful to the families, homeowners, referral partners, and local supporters who made this possible.

👉 View the official winners list here:
https://www.guidetogwinnett.com/best-of/winners/2025/financial-services

What “Best of Gwinnett” Means

Each year, Best of Gwinnett, presented by Gwinnett Magazine, highlights outstanding businesses and professionals across Gwinnett, Georgia. The process includes:

  • Community nominations
  • Online voting by local residents
  • Verification and review by the Best of Gwinnett team

Being named among the best in Financial Services in Gwinnett County reflects not only professional excellence, but also consistent community trust and client satisfaction.

Serving Gwinnett County with Excellence

As a trusted mortgage lender in Gwinnett, Georgia, Chris Shumate has built a reputation for integrity, communication, and results. Through The Shumate Team at Fairway Home Mortgage, clients receive personalized guidance whether they are:

  • First-time homebuyers in Gwinnett County
  • Moving up to their next home
  • Refinancing in Georgia
  • Investing in real estate
  • Relocating to the Gwinnett area

Chris Shumate – Fairway Home Mortgage is committed to making the home loan process clear, smooth, and stress-free. Our mission is simple: help families confidently achieve homeownership in Gwinnett, GA and beyond.

Why Homebuyers in Gwinnett Choose The Shumate Team

The Shumate Team is proud to serve communities throughout:

  • Lawrenceville
  • Buford
  • Suwanee
  • Duluth
  • Dacula
  • Snellville
  • Peachtree Corners
  • And surrounding Gwinnett County areas

With years of experience in the Gwinnett real estate and mortgage market, Chris Shumate understands local trends, competitive financing strategies, and how to position buyers for success in today’s market.

Being voted Best Mortgage Company in Gwinnett 2025 reinforces our commitment to delivering five-star service every step of the way.

Thank You, Gwinnett!

To our clients, referral partners, real estate agents, friends, and family — thank you for voting and supporting Chris Shumate – Fairway Home Mortgage.

We do not take your trust lightly. This award belongs to our entire community.

If you’re buying, refinancing, or simply exploring your options in Gwinnett County, Georgia, we would love to help.

📞 Chris Shumate – Fairway Home Mortgage

📱 Phone: (404) 791-3155
📧 Email: chriss@fairwaymc.com
🌐 Website: http://www.chrisshumatefairway.com/

Let The Shumate Team show you why we were voted Best of Gwinnett 2025.

Your home journey starts here.