More Condos Opening up to First Time Home Buyers
Fannie Mae (FNM/NYSE) announced today that it is undertaking a comprehensive review of hundreds of condominium projects in the state of Florida in an effort to allow additional projects to become Fannie Mae-eligible through a new “Special Approval” designation. First time home buyers who want to purchase a condo as their first home have historically been limited to only a few condo communities. That may change soon. The Federal Housing Authority has just issued a press release indicates that the Fannie Mae will be relaxing some of its requirements for condominium developments. This should make it easier for buyers to get into a new home while only having to put down a small downpayment and also help move some of the existing condo inventory. Good News for Buyers!!!
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