Fannie Mae (FNMA) Approved Condos in Miami as of October 20, 2010
What is important about Fannie Mae (FNMA or the Federal National Mortgage Association) Approved Condominiums is that they have been blessed by FNMA, consequently, most lenders will finance loans on these condos, because the banks can trade these mortgages in the secondary market. To obtain FNMA approval, these buildings have to be in relatively good financial condition. The main criteria being a relatively low delinquency rate (under 15%); few if any law suits; no owner owns more than 10% of the units; the condo is being run by their own condo association and not by the developers; and over 90% of the units have been sold. FNMA approval is important for condo buildings where a conventional loan up to $423,750 would be helpful to buyers that need to finance their purchase. If we use 25% as a down payment, then this would apply for a purchase of up to $565,000. Obviously, these loans are not as helpful in the luxury markets where condos typically sell for over $1 million.
Some Guidelines on How to get a Fannie Mae Mortgage
Before considering financing, it is important to make sure that your preferred lender is approved in the Fannie Mae program as not all lenders can get you this type of loan.
Buildings that have just been recently completed will not be able to obtain FNMA approval until about 90% of the building has been actually sold.
To qualify for a Fannie Mae loan, you will need to be able to verify your last two years of employment. Those who are more than 25 percent invested in their company are considered self employed and will have to prove the worth of their business as well.
Each year FNMA sets their limits meaning that that you can not borrow more than this loan limit. This allows you to acquire a lower interest rate as well. If you go outside the limits, you will end up with a higher interest rate which can make a big difference. To qualify for Fannie Mae loans, you must have a debt-to-income ratio of no more than 28 percent. This means that your monthly debt payments can not exceed 28 percent of your monthly income.
Fannie Mae Approved Condo Buildings in and around Miami Beach, Brickell, Downtown Miami, Aventura, Sunny Isles
In Miami Beach, there are 10 buildings with FNMA approval. In mid-beach (zip code 33140), they include Seacoast 5151, Mei (recently approved), and Terra Beachside (pending approval). In north beach (zip code 33141), the list includes Akoya, King Cole, the Collins and 401 Blu. In South Beach (zip code 33139), 3 condos have been Fannie Mae approved. They are Cosmopolitan, Mirador 1000, and The Michelle Condo.
In Bal Harbour, the Harbour House is FNMA approved. In Aventura, there are currently 7 condos in zip code 33180 that are Fannie Mae (FNMA) approved. They include Admirals Port, Alaqua, Aventi, Del Prado, Parc Central Aventura South, Parc Lofts and Turnberry On The Green.
In Hallandale, Beach Club Three is FNMA approved, and in Hollywood, The Tides is FNMA approved.
In Sunny Isles Beach (zip code 33160), 5 condos have been FNMA approved. They are La Perla, Jade Ocean, Trump Tower One, Trump Tower 2 and Trump Royale. All except Perla have recently been approved as they were completed in the last few years.In North Bay Village, there are 3 condo buildings that are FNMA approved - The Lexi and 360 (Towers A & B).
In Brickell, the list is more extensive, which makes sense considering how much development has been completed there in the last 10 years. Condos in Brickell that are Fannie Mae (FNMA) approved in zip code 333129 are the Brickell Bay Club and Skyline On Brickell. In zip code 33130, Latitude On The River is FNMA approved and Infinity At Brickell is pending FNMA approval. In zip code 33131, Brickell Key 2, Brickell On The River North Tower, One Miami East, One Miami West, Solaris At Brickell Bay, The Club At Brickell Bay, The Four Ambassadors, 1060 Brickell, 500 Brickell East & West (both recently approved), Icon Brickell Tower One (recently approved), Icon Brickell Tower 2 (Pending Approval Once 50% Sold), and The Plaza at Brickell (recently approved). In zip code 33132, The Mark on Brickell also has been FNMA approved. The Club at Brickell Bay is a good example of a building that has changed dramatically considering only a few years ago, it had the one of the highest delinquency rates in all of South Florida.
On the Miami River there are 3 condo buildings that are FNMA approved. They are Neo Lofts, Neo Vertika and the Mint, which was recently approved.
In Downtown Miami, there are 7 condos that have been FNMA approved. They include Epic Residences (recently approved), Marina Blue, Ten Museum Park, 50 Biscayne, the 1800 Club, The Loft Downtown, and the Grand. In Midtown, the Charter Club and Blue have been approved. The Palm Bay Yacht Club is a condo in the uptown area that has been approved.
Please note that this list is based on information provided by Fannie Mae (FNMA) as of October 20, 2010, and it is subject to change.
Comments(3)