Wednesday, September 15, 2010
Fannie Mae Increasing Approval for Florida Condos
Fannie Mae is increasing financing approval for Florida Condo Communities, which will start to revive the condo market. As many condo buyers know in the last few years most all condos have been paid with cash, as lenders no longer financed condos communities as there were too many investors, too many non-paying home owners, for example. Now Fannie Mae is going back and re-evaluating condo projects on a case by case basis and have approved 23 Florida condo projects to be eligible for financing. Keep in mind both the borrower and condo community has to qualify for financing. As condo associations get back on their feet, and more lenders provide financing, the values of the condos will go up, but will be some time, as this is in the very early stages as many, many condo communities are still not approved.