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Florida Condo Owners DEBACLE | Financing Challenges For Condos
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Florida Condo Owners DEBACLE | Financing Challenges For Condos
Larry Mastropieri, a real estate broker and owner of The Mastropieri Group, discusses significant upcoming changes in the U.S. real estate sector, focusing on a controversial "blacklist" compiled by the federal loan guarantor Fannie Mae. This list categorizes certain condominium buildings as ineligible for financing based on Fannie Mae's guidelines.
Mastropieri explains that these properties were deemed unfit for financing for various reasons. The existence of this list, formally known as the "Condo on Available Projects in Phases Report," was first revealed by The O.C. Register in April 2023. It includes hundreds of condos, and according to the South Florida Sun Sentinel, the number of properties on the list has grown significantly over the past year, from 1,700 to over 2,300, with 34% located in Florida.
Traditionally, condo owners or prospective buyers would only discover a condo's eligibility for financing through Fannie Mae during the formal loan application process. However, this practice might change with the new list's introduction. The Federal Housing Finance Agency (FHFA) has indicated that this list will be available to associations in the third quarter of 2024, but it won't be publicly accessible. Instead, condo owners must inquire through their condo association to determine if their building is included.
Mastropieri highlights the potential impact on the marketability of properties listed on the blacklist. Buyers interested in these condos won't be able to obtain a loan guaranteed by Fannie Mae, which accounts for 70% of home loans in the U.S. Alternatives like cash payments or non-qualified mortgages may be more expensive and complex.
He also mentions Freddie Mac, another quasi-government entity involved in loan guarantees, which has published guidelines offering more clarity on financing eligibility for condos and allows ineligible condos to appeal their status. More information on this process will be released by Freddie Mac on February 26.
Mastropieri concludes by discussing the potential detrimental effects of this blacklist on property values, emphasizing its power and significant impact on the real estate market, particularly for properties deemed ineligible for financing.
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We get calls and emails every day from home buyers/investors looking for help on making their move to South Florida and we absolutely love it. 😍 Whether you are moving in 9 days or 90 days, give us a call☎, shoot us a text📝, or send us an email📨 so we can help you make a smooth move to South Florida. 🕶️🌊
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🏠 MUST WATCH South Florida Videos:
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#MovingToSouthFlorida #SouthFloridaRealEstate #floridahousingmarket #blacklist #fanniemae #condo
Larry Mastropieri, a real estate broker and owner of The Mastropieri Group, discusses significant upcoming changes in the U.S. real estate sector, focusing on a controversial "blacklist" compiled by the federal loan guarantor Fannie Mae. This list categorizes certain condominium buildings as ineligible for financing based on Fannie Mae's guidelines.
Mastropieri explains that these properties were deemed unfit for financing for various reasons. The existence of this list, formally known as the "Condo on Available Projects in Phases Report," was first revealed by The O.C. Register in April 2023. It includes hundreds of condos, and according to the South Florida Sun Sentinel, the number of properties on the list has grown significantly over the past year, from 1,700 to over 2,300, with 34% located in Florida.
Traditionally, condo owners or prospective buyers would only discover a condo's eligibility for financing through Fannie Mae during the formal loan application process. However, this practice might change with the new list's introduction. The Federal Housing Finance Agency (FHFA) has indicated that this list will be available to associations in the third quarter of 2024, but it won't be publicly accessible. Instead, condo owners must inquire through their condo association to determine if their building is included.
Mastropieri highlights the potential impact on the marketability of properties listed on the blacklist. Buyers interested in these condos won't be able to obtain a loan guaranteed by Fannie Mae, which accounts for 70% of home loans in the U.S. Alternatives like cash payments or non-qualified mortgages may be more expensive and complex.
He also mentions Freddie Mac, another quasi-government entity involved in loan guarantees, which has published guidelines offering more clarity on financing eligibility for condos and allows ineligible condos to appeal their status. More information on this process will be released by Freddie Mac on February 26.
Mastropieri concludes by discussing the potential detrimental effects of this blacklist on property values, emphasizing its power and significant impact on the real estate market, particularly for properties deemed ineligible for financing.
======
⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
🤔Thinking of Moving to South Florida? 😎☀️🏖️
📱 Call or Text: 561-544-7000
⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️
======
======
======
======
To learn anything & everything in regards to eating, sleeping, working, playing, the good, and the bad of living in South Florida, then subscribe ▶ and tap the bell🛎 for notifications so you can be the first to know about the current South Florida Market.😎
We get calls and emails every day from home buyers/investors looking for help on making their move to South Florida and we absolutely love it. 😍 Whether you are moving in 9 days or 90 days, give us a call☎, shoot us a text📝, or send us an email📨 so we can help you make a smooth move to South Florida. 🕶️🌊
======
🏠 MUST WATCH South Florida Videos:
======
Chapters
======
#MovingToSouthFlorida #SouthFloridaRealEstate #floridahousingmarket #blacklist #fanniemae #condo
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