Florida condominium loans could be easier to get under a program announced Thursday by government-run mortgage company Fannie Mae.
The company has named a team of six employees to review hundreds of condo projects statewide that may not meet Fannie Mae’s eligibility criteria for financing because of occupancy problems or high delinquency rates on homeowner association dues.
Developments deemed to be stable after the closer look will receive special designations, meaning lenders could deliver mortgage loans in these projects to Fannie Mae.
Chappy Adams, president of Illustrated Properties in Palm Beach County, said many condo buyers today have to pay cash because they can’t get mortgages.
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