Fannie Mae just announced a special approval designation for certain South Florida condos. Since most lenders (certainly all major ones) are eager to be in compliance with Fannie Mae guidelines, this decision should prove to be a major milestone in the quest for more accessible financing on Miami condos. For a list of projects that have already been approved, please click here.
Be sure to periodically check the Fannie Mae website since new projects are constantly being added.
Unfortunately there are many buildings we’d like to see on this list that are not currently included, but we remain hopeful for the near future. If enough projects get added, we should see a significant improvement in the local condo market, since mortgage availability will fuel sales, thus decreasing inventory and possibly having a positive effect on pricing in approved buildings.