Fannie Mae Approves 70 New South Florida Condos

Washington-based Fannie Mae has approved in total 123 condos for financing in Florida, a very high number in comparison with previous years, although this one has not ended yet. 70 of those condos are in South Florida, with the central area (Orlando, Fl.) being the most benefited with the approvals.

Condos in Florida with Fannie Mae’s approval are a lot more affordable for non-cash buyers who want to take advantage of historically low mortgage rates (take, for instance, the beautiful Quatum on The Bay -in the picture-, a Fannie Mae approved-. Cash buyers can demand deeper discounts in condos with no financing, and so prices tend to go down; this was precisely what has pushed Fannie Mae to approve 40 percent more new condos More Infothis year than in 2009, after approving none in 2008.

Fannie Mae is the main mortgage buyer in the secondary market, so it buys titles generated from loan firms and financial entities; to do their business, they need the major buyer that has already acquired $420 billion in loans only from Jan - Apr 2010.