Miami Canvas condo lowers deposits to 20%, pursues domestic buyers with Fannie Mae loans – South Florida Business Journal

The Canvas condominium in Miami’s Arts & Entertainment District has broken ground after the developer obtained a $70 million construction loan.. domestic buyers can obtained Fannie Mae-backed.

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Miami condo lowers deposits to 20%, pursues domestic buyers. Since Canvas has Fannie Mae approval for 95 to 97 perce [.] Visit Article. 2017 11/21.. South Florida Business Journal: Two visions along MacArthur Causeway.

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Fannie Mae has made some changes that may make it easier to get financing for your condo. Condos are looked at differently than single-family housing. With a single-family house, the rules for financing are primarily concerned with how good the property condition is and whether the house could be sold on the open market.

Recently, developers have eagerly promoted downtown fort lauderdale and Las Olas Beach as the next frontier in South Florida’s luxury condo market. At the April groundbreaking for the Four.

The developer of the Canvas condominium in Miami’s Arts & Entertainment District has lowered the deposit requirement to 20 percent for domestic buyers as it aims to leverage fannie mae loans to.

About a year ago, Fannie Mae implemented strict lending guidelines that effectively put the lights out on the Florida condo market.In particular, these stringent guidelines made it next to impossible for buyers to obtain financing in the vast majority of condo developments in South Florida.

Condo owners need to be aware of their rights and responsibilities regarding property damage and property insurance claims. And those considering buying a South Florida condo, or those Miami area condo owners who live in other states or foreign countries, need to know their rights and prepare in advance to avoid a condo insurance claim fight.

Watch this video to find out the top 5 facts foreign buyers love about Miami real estate.. Check out our handpicked selection of the best Miami condos for sale. South Florida’s Rental.

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