Condominium financing in Florida has changed for the better.
Gone are the days in which every condo needed 25% down. Nowadays we are qualifying first time home buyers with as little as 3% down. Existing home owners with as little as 5% down.
Full Review vs Limited Review
There’s always a catch. If you are putting less than 25% down , Fannie Mae guidelines require a full review of the condo association and budget. They need to make sure there is no pending litigation and there are enough reserves in the budget to meet the guideline of 10%.
The appraisal will also discuss the quality of construction at this point in time.
For 2022, Fannie Mae/Freddie Mac have added additional questions to the questionaire about the quality of construction for the whole building
