When you list a condo, do you let your seller know that if the complex isn’t Fannie
Mae approved they will need a cash buyer or a buyer can go limited review which
requires 25% down for owner occupied, 30% down for second homes and investment
properties are not allowed?
Now you can tell your seller that you work with the HomeBridge Team and they
have the ability to obtain Fannie Mae condo approval if the complex meets Fannie’s
The Fannie Mae approval will open their listing to an entire new pool of potential buyers.
With the Fannie Mae approval, we will be able to lend 5% down for owner occupied buyers,
10% down for second homes and investment properties are allowed with 20% down!!
Here’s a list of the condos we have gotten Fannie Mae approval for in our area:
Beach Winds Condo, Fleur De Lis, Ocean Park South, Perlas Del Mar, East Wind, Village of Sea Port,
The biggest myth about condo approval : 51% occupancy ratio. This only comes
into play if it is an “investor purchase”. If you have a buyer purchasing a primary
residence or second home . . . the investor saturation can be 99% and Fannie Mae doesn’t
care. Case in point, Sunrise Village is approved but only for primary residence and second homes.
Info came from: Susan Callahan, Sales Manager/Mortgage Loan Originator, NMLS #506520 (tell her the Digital Diva referred you)
HomeBridge Financial Services, Inc. serves the lending needs of home buyers, real estate professionals and builders. We are passionate about fulfilling the American dream, call us today, thanks so much.
Partners for the Path Ahead: 7350 Shoppes Drive #102, Viera, FL 32940
Posted on February 14, 2018 at 11:27 am by Agi Anderson, Digital Diva