FANNIE MAE APPROVES 22 NEW SOUTH FLORIDA CONDOS

Nearly two dozen new South Florida condominiums have obtained Fannie Mae approval in the first five months of this year, clearing the way for individual buyers to secure mortgages in each of the respective projects, according to a new report from CondoVultures.com.

The flurry of approvals comes after 41 South Florida condo projects were approved for financing in 2009. No new condominium projects were approved for financing by Fannie Mae in 2008, according to the report. “Fannie Mae has gone from virtually black listing the South Florida condo market to suddenly focusing all of its attention on assisting developers in the tricounty region of Miami-Dade, Broward, and Palm Beach to sell units in their projects by permitting financing,” said Peter Zalewski, a principal of Condo Vultures® LLC.

Financing was used in only 17 percent of the more than 700 new condo sales in Greater Downtown Miami in the first quarter of 2010, according to the CondoVultures.com report.

Buyers used financing to acquire less than 120 units in 19 projects in Greater Downtown Miami between January and March. By comparison, cash buyers acquired nearly 600 units in 29 projects during the same period in the same 60-block stretch.

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Fannie Mae certification is necessary as the public-private entity is one of the largest purchasers of lender-originated mortgages on the secondary market.

In 2010, Fannie Mae has approved 11 projects in Palm Beach County, nine projects in Miami-Dade County, and three projects in Broward County. By comparison, Fannie Mae approved 29 projects in Miami-Dade, seven projects in Broward, and five projects in Palm Beach, according to the report.
Overall, Fannie Mae has approved 70 Florida condominiums in the first five months of 2010 after approving 146 projects in the state in 2009, according to the report.

The lenders that are financing condominium buyers are doing so in a controlled manner, providing only a set number of mortgages per project. For example, some South Florida community banks are comfortable providing no more than 10 mortgages per project at any given time. Once the condo mortgages are sold on the secondary market, the lenders, in turn, will consider financing other buyers in that particular project, industry watchers said. During the boom, lenders worked diligently to be one of the preferred lenders in a project in hopes of financing a significant number of the developer sales.