New Fannie Mae Rules in Florida for Condos

Tom Bates

Austin Modern Living - Austin, TX

yikes. that doesn't sound good. but maybe it's necessary to stop the bleeding. good luck, hope austin's condo market can stay somewhat afloat. good luck.

Jan 26, 2009 11:02 PM

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Richard Shuman

The Only B.S. I Have is from the University of Massachusetts - Lake Mary, FL

Real Estate Broker - Orlando Area - Love Referrals

Which means most condo's won't work! It's been bad enough that most won't qualify for FHA!

Jan 26, 2009 11:08 PM

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Suzanne McLaughlin

Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN

Sabinske & Associates, Realtor

I've read Lenn Harley's blog on this subject. It will be the same everywhere soon. I cannot fathom how this policy can be beneficial to anyone. And, it really hurts those who are already hurting.

Jan 26, 2009 11:08 PM

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Associate Broker Falmouth MA Cape Cod Heath Coker

https://teamcoker.robertpaul.com - Falmouth, MA

Heath Coker Berkshire Hathaway HS Robert Paul Prop

This is a reasonable effort to protect more bad loans from happening. If the association goes down, the condo purchase and thus the loan is more risky. The associations should begin to take action to protect themselves. Another problem with condos versus single families.

Jan 26, 2009 11:44 PM

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Charlottesville Solutions

Charlottesville Solutions - Charlottesville, VA

I do not really know your market. what is the impact on this?

Your friend in Charlottesville, VA

Charles McDonald

Jan 27, 2009 12:15 AM

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Gabe Sanders

Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL

Stuart Florida Real Estate

Charles, the impact is that newer investor heavy condos where buyers are walking and others are upside down on their loans and can't make payments. So now, if some one wants to purchase in one of these developments, and finance it will have to be through something other than a Fannie mae backed loan. This can get difficult.

Heath, Richard, Suzanne, It won't be long before some homeowner association PUD's will be facing the same rules and regulations. This isn't just a condo issue in my opinion. If this continues, it will be very, very. difficult to get financing no matter how qualified the buyer. Sales will slow more for these types of properties and prices will drop further and further. Fannie, is shooting herself in the foot, in my opinion.

Jan 27, 2009 01:20 AM

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Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

That plan sure wasn't thought out was it? I think this could just hault condo sales unless people are buying cash.