Snapper Village Community

Next time a property manager says, "She has tried reaching out to Fannie Mae in the past (I believe sometime in the last year), and they would not accept any information from her directly, even as a representative of the condominium (?!!!) and that she has been searching for different avenues to get information to them since then.".....I'll respond it took me 1 minute to find this free on-line tool created to HELP associations understand their condo conditions standing compared to Fannie Mae requirements.

Property Managers (CAM), Board Members and their advisors can:
✅ Check in real time if Fannie Mae is aware of any project conditions that render your project INELEGIBLE.
✅Proactively identify issues and hurdles to financing
✅Connect with Fannie Mae to answer their questions

Fannie Mae's Condo Status Finder
http://singlefamily.fanniemae.com/condo-status-finder

Note: The subject was kindly discussed with some board members between April 28 and May 3rd. I followed up by June 19th, and I was informed Snapper Village isn't flagged for "critical repairs" anymore, but we are still not eligible for any financing through Fannie Mae (whether via full or limited review) due to our lack of reserves.

👉Financing affects every homeowner, not only those that decide to sell. It does affect buyers demand and property values.

The longer condos are ineligible for conventional financing, the longer the pool of buyers is drastically reduced and the longer your properties are less marketable, so it is worth understanding where your property stands BEFORE you list your unit or before you make any decisions that will include selling your property.

I confirmed the few sales we had this year have been cash or with 30-40% down payment. Mainly non-conforming financing.

Beginning August 3rd, 2026, condo financing will require a "Full Review" regardless of down payment. The "Limited Review" option will be eliminated. The condominium financial status is already part of the underwriter decision, not only the buyer's credit score and substantial down payment.

Beginning January 4th, 2027, reserve funding requirements will go up from 10% to 15%.

For more information, please contact me:

Ana Farje-Tyler Keller Williams Realty.
(305) 793-1994
[email protected]