mortgage for a 4 unit co-op?

I just heard from a friend who wants to sell her co-op that Fannie Mae is no longer backing mortgages for units in co-ops of 4 units or less. So she can’t sell unless she gets an all cash buyer? Can this be right? She is freaking out – anyone understand this or know more?

By WTbound | 04/17/2009 12:50 PM