AL and FL Mortgage News

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 service@gulfstatesfinancial.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.


Posted by Devin Murray on April 27th, 2017 1:00 PM

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