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Old 01-05-2009, 07:38 AM
Julio E. Sune, Jr. (FL)'s Avatar
Julio E. Sune, Jr. (FL) Julio E. Sune, Jr. (FL) is offline
 
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Exclamation FNMAE & Florida Condos

http://realtytimes.com/rtpages/20090...storreport.htm

["Previously Fannie Mae allowed lenders to conduct their own expedited reviews. The new in-house reviews not only will take longer but also cost lenders money -- as high as $15,000 for units in large projects, $3,000 or $30 a unit for projects with 100 units."]

Hmmm!!!!.......What kind of reviews?????????
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Old 01-05-2009, 07:46 AM
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Couch Potato Couch Potato is offline
 
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Wow! They want investors to put down a whopping 15%.

That pretty much sums up the problem of Florida condos. Since when is 15% a large down payment? We should start seeing the actual value of Florida condos reflected in the market prices late this year when the market is reduced to buyers with long-term intentions. With the cost of borrowing about to go up, contrary to the article, now is not a good time to buy. That cost is likely to come from the seller in the form of a reduced price, not the buyer.
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Old 01-05-2009, 02:23 PM
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Michael Tipton Michael Tipton is offline
 
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https://www.efanniemae.com/sf/guides...summaryfaq.pdf


http://www.allregs.com/efnma/doc/?dv...tv=0&tq=0&tx=/

Last edited by Michael Tipton : 01-05-2009 at 02:31 PM.
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Old 01-07-2009, 11:02 PM
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timd354 timd354 is offline
 
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Quote:
Originally Posted by Julio E. Sune, Jr. (FL) View Post
http://realtytimes.com/rtpages/20090...storreport.htm

["Previously Fannie Mae allowed lenders to conduct their own expedited reviews. The new in-house reviews not only will take longer but also cost lenders money -- as high as $15,000 for units in large projects, $3,000 or $30 a unit for projects with 100 units."]

Hmmm!!!!.......What kind of reviews?????????
The article is talking about the review process to get a condo project place on the Fannie Mae approved project list. After years of idiocy, Fannie has finally realized that it needs to make sure that a condominium project is professionally managed, has sufficient reserves, etc., before it purchases low down payment loans within a particular project. Billions of dollars in losses has finally caused the geniuses at Fannie to actually do some due diligence on Condo projects.
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