As of the 2010 Census, the State of Florida was home to
approximately 7.5 million occupied condo units of the nearly 9 million total
units. Behind California and Texas,
Florida has been in the top three for total number of units for decades now and
is also currently ranked first with over 5,000,000 of those being owner
occupied as a primary residence. If you
are one of those 5 million owners who call a condo your primary home we have some
important market updates that might help you.
In a previous blog post last year regarding condos, we gave some important information for people purchasing
and pitfalls related that prevent purchases directly related to full and limited reviews.
If you purchased last year or 20 years ago, today’s news is geared
towards existing condo owners who are looking to refinance and lower their rate and have been unable to do so. This information does not apply to cash-out
refinances on Florida condos.
As of yesterday April 26th, 2017 Fannie Mae has
announced that any of the 5,000,000 owner occupied condo units with mortgages owned by Fannie Mae
with loan-to-value ratios of 80% or lower can completely avoid and skip a condo
review. This is a huge development in
condo financing because all the common problems we mentioned that have typically
stopped you from previously purchasing or refinancing your condo even when your credit was
not the issue are eliminated. In many cases Fannie is allowing an appraisal waiver meaning that you might not need an appraisal so you may have 20% equity and not even know it.
To find out if Fannie Mae owns you’re the mortgage on your
condo, first visit Fannie's Lookup Tool
and see if your mortgage is eligible.
If your condo is eligible and you would like more
information about refinancing your Fannie Mae condo mortgage and skipping the
project review please email or call us today at 305-432-5171 or email us at email@example.com for a free quote.
Even if Fannie does not own your loan or you do not think you are eligible from an equity position but you would like to get more information about refinancing your condo we are happy to discuss your scenario 100% free of charge. Visit us online 24 hours a day and submit your scenario.