Fannie Mae has made it much more challenging to finance a condo.Â In Florida, if there are more than 15% of a buildingâ€™s unit owners areÂ delinquent on association fees, then funding of a home loan for a new buyer of this condo would not be eligibleÂ for conventional financing.Â Instead, buyers would have to put down up to 40% down towards the purchase of a Florida condo.Â That change should continue to drive down condo values and sales prices.Â The reason for this change points directly at the record highs in foreclosures involving condominiums as well as the condo associations financial challenges as those behind in their mortgage payments are also likely behind in their association fees.Â As a result of others not paying their association fees, many condo fees are on the increase in order to make up for those behind; many are in bankruptcy or on the way.
Who is going to benefit from this change?Â Cash Buyer InvestorsÂ will be scooping up condos as investment properties at incredibly low prices as most would be home buyers are not going to have 40% to put down on a purchase.Â If you are looking to invest in rental properties in Tampa Bay Florida, this may be the time that you have been hoping for.Â Now is the time to buy Tampa investments at deep discounted prices.
Looking forward to hearing from you!!
813-991-1355 home email@example.com