Shift on Florida condos by Fannie Mae
MIAMI – Sept. 15, 2010 – Fannie Mae is approving new Florida condominiums for financing at a clip of more than 15 per month and has cleared 123 projects through the first eight months of 2010, reports Condo Vultures.
That condo sales pace represents a ‘seismic policy shift’ in Fannie Mae’s outlook for the state, says the real estate consulting firm – which notes that just 87 new properties were mortgage-worthy last year, compared to zero in 2008 and only 27 the year before.
Fannie Mae’s approval of a new condominium loan means individual unit buyers will be able to obtain conventional financing at record low rates, and sellers will not have to offer units at deeper discounts for all-cash buyers.
Source: American Banker (09/14/10) P. 9; Sichelman, Lew