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Selling a Condo in Tampa Bay, Fl Could Get Easier-New Lending Rules

 Wall Street Journal Report

Freddie Mac Eases Rules for Some Florida Condos

Freddie Mac said on Wednesday it would relax some rules that have made it harder to get mortgages for condominium units in Florida. The move could make it easier for some owners to sell their units.

Last year, Freddie Mac and its larger rival Fannie Mae tightened lending rules for condos, reducing financing options for buyers in troubled buildings, including those where a high share of borrowers were renting out units or were delinquent on association dues.skypoint condos tampa

On Wednesday, Freddie said it would waive some of those rules over the next year on units where the mortgage was already owned or backed by the company. Real-estate agents have complained that tougher financing rules have put even greater pressure on prices by limiting the pool of potential buyers to those who can make big down payments. The change shouldn’t require Freddie to take on any more risk because it will simply trade one mortgage for another.

Fannie Mae, which allows exceptions to its rules on a case-by-case basis for established buildings that meet its standards, said in January it would institute a review of all Florida condos to provide a special designation for “sufficiently stable” buildings that would automatically exempted from tighter rules.

See Also: Condo Projects Currently Approved for financing in Tampa

Looking to sell or buy a condo in the Tampa Bay Area? Please contact me for more information.  Rae Catanese, P.A. , Realtor-Prudential Tropical Realty

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Written by Rae Catanese, Realtor

Licensed Realtor since 2002, Tampa Bay’s own Rae Catanese regularly gives expert advice and insider tips about the Tampa Bay real estate market via her blog, The Tampa Real Estate Insider. If you are thinking of buying or selling a home in the Tampa, St. Petersburg or Clearwater areas-then this blog is for you. I typically post articles once a week. To make sure you don’t miss my newest posts, you can subscribe here! Have a real estate question? Email me here!

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