Buying a condo could soon get more complicated. Here's what to know.

Buying a condo may be about to become significantly more difficult, even for buyers with good financial standing. Beginning August 3rd, Fannie Mae and Freddie Mac are making big changes to how condominium mortgages are reviewed. Streamlined review process that applied to many transactions will now be retired. Instead, lenders will now have to conduct a more comprehensive review of a the building before the mortgage can go to Fannie Mae or Freddie Mac.