Mar 11 2009
Florida mortgages harder to come for condominium buyers
The never ending squeeze with conventional mortgages guidelines has led many condominium home buyers out in the cold. Whether you are looking into refinancing your Florida mortgage or purchase your dream Forida condo; lenders and banks are turning down many over-qualified consumers.
Lately, the best way to obtain condominium financing here in the Florida mortgage markets was to put at least 25% towards the down payment. As long as the condo met Fannie Mae warrantability rules, Florida home buyers were pressing forward to close. But that is changing as I write.
After speaking with a few Florida mortgage wholesale and retail lenders this morning, it seems some are considering and some have already pulled out of offering any conventional mortgage financing for Florida condominiums. Having very well qualified home buyers is the easy part. It’s when reviewing and approving the condominium. Tough times keep getting tougher. There must be light somewhere out there for Florida condominium buyers.
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Has anyone contacted representatives in Washington about this. We the people and our taxes went to bailout Freddie Mac and Fannie Mae and now we are the ones who are still paying the price.