Fannie Mae has made it easier for buyers to purchase condos in Florida. They are giving some condo complexes "special approvals" even if they don't meet the established rules relating to delinquent fees, financial reserves, or percentage of owner-occupancy. Florida is the only state where Fannie Mae is issuing special approvals.
If they feel the condo complex is stable enough, even though it might violate a FNMA lending standard, a review team may decide to waive the rule, which allows more buyers to qualify for units in that development. They will take into account construction quality, maintenance, and the health of the homeowner's association.
"This new initiative is geared toward providing maximum support for Florida's distressed condo market as we continue to provide liquidity to the housing market more broadly," said Karen Pallotta, executive vice president for the secondary-mortgage giant.
According to RISMedia, "The new reviews were prompted by the fact that home buyers, lenders and real-estate agents have been avoiding condos because many of the complexes do not meet existing lending criteria. With little or no financing available, condo prices have crashed, with units attracting mostly cash buyers. Fannie Mae had already been granting exceptions to its condominium guidelines, but only on a case-by-case basis, when requested by lenders."
View the list of approved complexes on www.efanniemae.com under "frequently searched pages."
Learn about Daytona Beach condos and Ormond Beach condos on my web site. Contact me for information about any condo complex in our Volusia County area. You can get some great oceanfront or water view homes at today's prices.
Comments(0)