New Condo Mortgage Rules affect just about everyone, including those who currently own one. →[More:]

One of the Fannie Mae and Freddie Mac lending changes is a surcharge equal to three quarters of a percent of the amount being borrowed. The agencies say the surcharge - which took effect April 1 - translates into about an eighth of a percentage point increase in an interest rate, although it could be higher depending on the borrower's credit rating and other financial details. To avoid the extra cost, anyone buying or refinancing a condo must provide a down payment of 25 percent, or demonstrate that they have equity of at least 25 percent in the property.

But the real kickers:

At least 70 percent of units in a new complex - or one with newly converted condos - must be sold or under contract for purchase as a principal residence or second home.

No more than 15 percent of units in any complex can be 30 days or more past due on their condo fees.

Borrowers must have "walls-in" insurance that covers fixtures, equipment, and other personal property.

Oh, and btw, news media, thanks for burying this little gem on a Saturday morning of a holiday weekend.