MIAMI, FL--More than 100 new, Florida condominium projects - including 28 in South Florida - have lost their financing approval certification from Fannie Mae in the last six months, making it more challenging for buyers to obtain mortgages when purchasing units in any of the buildings, according to a new report from CondoVultures.com. As of Feb. 21, 2011, there are 160 new, Florida condominiums with the required financing certification needed for lenders to provide mortgages that would qualify to be resold on the secondary market to the public-private entity Fannie Mae and others that adhere to the same criteria.
"Financing a new condo in Florida just got tougher for those buyers who lack the cash to purchase a unit with no mortgage," said Peter Zalewski (top right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"After a surge in new condo project approvals in 2009 and the first half of 2010, dozens of projects have failed to renew their certification with Fannie Mae. The unanswered question is, did the scrutiny become more stringent or did the projects simply decide the approval was unnecessary given the resistance by banks to originate mortgages for new, Florida condo purchases."
Loan origination trends are to be discussed at the upcoming Condo Vultures® webinar entitled "Buying Mortgage Notes At Deep Discounts" on Tuesday, March 1, from 6.30 pm to 8 pm. Keynote speaker Rich Meyer of the Foreclosure Academy is scheduled to discuss the latest mortgage issues in Florida during the scheduled 90-minute live broadcast.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com
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