Fannie Mae has begun reviewing hundreds of Florida condominium projects with the prospect of providing them with a new "special approval" label. Fannie Mae wants to restructure mortgage approvals for certain projects that currently do not fit into Fannie Mae guidelines, which has made them difficult to sell.
To this point Fannie Mae, acting under guidelines enacted in March, 2009, has refused to approve and guarantee mortgages on condominium developments where more than 15 percent of owners are delinquent on their association dues.
Florida Realtors have been asking Fannie Mae to revise its overly restrictive condo lending guidelines for some time. "This is good news for Florida condo buyers," says Rich Stover, a Sarasota golf course homes specialist. "It will provide a more positive atmosphere for Florida condos, the market for which has been decimated by the housing slump." If it works, it will also begin to reduce reduce the inventory of unsold condo units here in Sarasota as more prospective condo buyers are approved by lenders for loans on these properties.
Under the new program Fannie Mae will also consider the building's occupancy, association dues and the financial stability and physical condition of the development. The program will still be somewhat restrictive in that it will only accept new or newly-converted developments where at least 70 percent of the units are sold or under contract. Nonetheless, this program is expected to provide a huge boost to condominium sales over the next 9 to 18 months across Florida and particularly here in Tampa Bay.
If you have been considering buying a Florida condo on the waterfront or in a golf course community but been reluctant to do it because it has been difficult to find attractive mortgage terms, this program may very well be just what you've been waiting for.
Contact a Sarasota Florida realtor today. You nay want to contact Janet Dugan or Judie Berger if you want Sarasota waterfront condos. Learn from either of them which Sarasota, Siesta Key
or Longboat Key condo developments qualify and offer the best value for your money. For Bradenton golf course homes, contact Brian Ward, a Sarasota golf course homes specialist or Connie Belmont, a Sarasota golf course condos expert.
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