The tough part when it comes to buying Miami Beach condos isn’t finding them, there is after all more than plenty choose from. The tough part is being approved for that oh so important mortgage loan, something numerous buyers have had to deal with. Normally major lenders like Fannie Mae would have no problem with this but now that so many buildings are facing financial difficulties, Fannie Mae is being more selective.
In an effort to spur sales of Miami Beach condos, Fannie Mae is taking a closer look at numerous condominium projects throughout the state of Florida and judging them on criteria such as their occupancy, delinquency rates and association dues. Condominium projects that are considered stable will be allowed to receive mortgage loans, a major plus for buyers who otherwise would need to pay cash.
Several projects have already received Fannie Mae’s seal of approval, including a few Miami Beach condos like the Roney Palace condo. Will Fannie Mae’s newest effort prove to be the spark that returns condo sales to their former glory?