Potential condominium buyers are facing a tough choice right now: new or used?

There are deals to be had on new condos, as developers heavily discount units to move inventory. But getting a mortgage is tough. Fannie Mae and Freddie Mac, the government-controlled mortgage companies, have put in place even tighter guidelines for making condo mortgages. That’s leading some developers to seek FHA approval for their buildings, as Wednesday’s WSJ story explains.

Used condos have their own financing issues. As some condo owners fall behind on mortgage payments, they’re also missing payments for condo association dues, which pushes more buildings to make up that debt by passing hefty special assessments on residents. Fannie Mae has also stopped making mortgages in buildings where more than 15% of owners are 30 days or more late on paying their condo dues. That means some owners can’t refinance or sell their units because their neighbors aren’t paying.

Either way, buying a new or a used condo its getting harder and harder to be approved for a mortgage.