South Florida is a completely different market than the rest of the nation, great weather, great getaways, large population from every where in the world coming in every day, great companies to work for. We are experiencing the most active market in the past 7 months.... more
In response to your question.
I believe market conditions will improve vastly from 2009 making it easier for home buyers to purchase a home.
Fannie Mae said Thursday itâ€™s trying to boost Floridaâ€™s beleaguered condominium market by opening more developments to loan approvals from the government-run mortgage company.
A team of six employees is reviewing hundreds of established condo projects statewide that may not meet Fannie Maeâ€™s standard eligibility criteria for financing because of occupancy problems or high delinquency rates in homeowner association dues.
Developments deemed to be stable after a closer look will get a special designation, meaning lenders can originate and deliver mortgage loans in these projects to Fannie Mae.
Fannie Mae already has approved 50 projects, all of them in Miami-Dade County. But more approvals are expected in Palm Beach and Broward counties in the coming weeks.
Fannie and sister company Freddie Mac buy the majority of the nation's mortgages from lenders. Fannie said it has been granting exceptions to its condo eligibility guidelines on a case-by-case basis when requested by lenders.
â€œThis new initiative is geared toward providing maximum support for Floridaâ€™s distressed condo market as we continue to provide liquidity to the housing market more broadly,â€ Karen Pallotta, an executive vice president at Fannie Mae, said in a statement. â€œThe stateâ€™s condo market has been particularly hard hit by the housing downturn and weâ€™re working with the industry and our partners to do all we can to stabilize the market and help spur recovery.â€... more