The short answer: yes and no.
You’re probably aware that financing Miami Beach condos has been difficult to impossible in the past 3 years. Personally I have only done one transaction that involved financing in more than 3 years. Again, we are speaking of condos only, single family homes are a different story. The problem is that most lenders go by Fannie Mae guidelines, which have been very strict and therefore most Miami Beach condos did not qualify for financing, regardless of how qualified the borrower might be. In other words, perfect credit, a well paying steady job and a sizable down payment are great to have, but don’t help much when the lender tells you that the building you are planning on buying in does not meet their standards.
Recently things have changed a bit. I have seen an increase in inquiries from buyers that would require financing which has prompted me to finally look into the option of obtaining a mortgage on condos in miami and miami beach
The process is still a bit tricky and does require a sizable downpayment of generally at least 30%, however for the most part it seems like financing is more attainable then it was in the past years.
Fannie Mae has a list of approved condo buildings, which means that if a building is on the list, chances of getting a mortgage on this building – of course assuming you personally meet the qualifying criteria – are very good. There are some lenders that have guidelines stricter than Fannie Mae’s, but I recently spoke with my contact at Wells Fargo who advised me that any condo on the approved list (assuming the approval hasn’t expired yet) will definitely qualify for financing with them.
If you are interesting in obtaining condo financing, please contact us by either clicking on the contact buttons on the main menu or on the left side of your screen and we’ll be happy to help you get the process started.