Fannie Mae maximum exceeded - what does this mean?

[April Hamm]

There's an MLS listing I was looking at that went under contract, went pending, and is now back on the market. They have now added this to the listing description. What exactly does this mean?

"Owner-occupancy based on Freddie Mac, Fannie Mae lending guidelines exceed maximum, thus CASH only"

[Jay Hurst]

Quote from @April Hamm:

There's an MLS listing I was looking at that went under contract, went pending, and is now back on the market. They have now added this to the listing description. What exactly does this mean?

"Owner-occupancy based on Freddie Mac, Fannie Mae lending guidelines exceed maximum, thus CASH only"

 This agent is really limiting their market here!  As said before owner occupants would not even have to worry about the amount of owner occupants vs non-owner occupants in most cases and you can still get financing on non-warrantable condos. Just more expensive but can be done.  Agents in non condo markets often do not understand what they are listing.