We have great news if you have been waiting to buy a condo in the St. Petersburg, Tampa Bay beaches area, and you want to finance the property with a mortgage. Fannie Mae, the federally regulated corporation that backs (or buys) loans from the mortgage industry, is giving the Florida real estate market a shot in the arm by reviewing hundreds of condo projects in Florida that currently do not qualify for its financing.
Under nationwide regulations enacted in March, Fannie Mae has been rejecting any mortgage for a condo buyer if more than 15 percent of a development’s owners are delinquent on their association fees. While exceptions have been made for loans to some projects during that time, the organization is now actively seeking out applications for exceptions.
Developments deemed stable after these special reviews will be given a temporary approval lasting up to 18 months. Lenders will then be allowed to offer mortgages to homebuyers and sell those loans to Fannie Mae, which pools them into bonds and sells them to investors.
IMPORTANT: Just because Fannie Mae does not approve a particular condo building does not mean you cannot get a loan to purchase a unit in it. Rather, it just means you cannot get a Fannie Mae backed loan, which have some favorable terms such as a 3.5% down-payment. Contact us if you have interest in a particular building and we will look discuss financing options for that development with a lender and get back to you.
Following are links to available condos that are currently on Fannie Mae’s approved list. Just contact us to schedule a showing for any of these condos.
St. Petersburg:
Waterside At Coquina Key $49K – $199K
Treasure Island:
Catalina Grand Condo $529K – $875K
Clearwater:
Coachman Reserve Condos $179K – $194K
Station Square Condo $197K – $498K
Visit our Home Page and Blog
Subscribe to St. Petersburg Homes & Condos by Email
Try the best Home Search in St. Pete
Have a Question? Send us a message:
