Fannie Mae Guidelines?

By
Real Estate Agent with Jim Free Realty

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After Red Lining Florida’s Condo market for the past several years with their ridicules guidelines. Fannie Mae has approved three complexes in Panama City Beach. Hopefully they are beginning to relax their guidelines. They will not buy mortgages in the secondary market if they have classified the complex as a Condo Hotel (condotel).  If the complex had an onsite rental office it is considered by Fannie Mae to be a condotel. Every complex on the beach has an onsite rental office therefore Fannie Mae classified them as a condotel and would not buy the mortgages which cut a lot of potential buyers out of the market. This foolish practice forced a lot owners into a distressed situation and they lost their property.

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