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The Real Deal Miami

More than 90 projects lose Fannie approval

February 22, 2011 11:22AM

A total of 93 Florida condo projects — including 28 in South Florida —
have lost their financing approval certification from Fannie Mae in
recent months, meaning it will be more difficult for buyers to obtain
loans when purchasing units in the buildings, according to a report from
Condo Vultures. As of yesterday, there were 160 new Florida condos with
Fannie Mae approval, although that has been helped by the addition of
30 new projects to the list in the last six months. “Financing a new
condo in Florida just got tougher for those buyers who lack the cash to
purchase a unit with no mortgage,” said Peter Zalewski, founder of Condo
Vultures. TRD