Florida is experiencing a severe affordability crisis marked by skyrocketing home prices, high insurance expenses, elevated interest rates, and significant property taxes. A proposed guideline change by Fannie Mae and Freddie Mac could greatly enhance affordability for condo owners, particularly those looking to sell but restricted by down payment conditions. Currently, Florida requires a 25% down payment under limited reviews, contrasting with lower requirements across the country. Following the Champlain South Tower disaster, new safety regulations were enacted, which provide more security for condo loans while alleviating burdens on homeowners, especially the elderly.
Florida faces a severe affordability crisis with soaring home prices, high insurance costs, elevated interest rates, and significant property taxes impacting residents' ability to access housing.
A guideline change from Fannie Mae and Freddie Mac could alleviate affordability issues for condo owners, allowing them to sell without being hindered by strict down payment requirements.
Following the Champlain South Tower collapse, Florida implemented milestone inspections and funding reserves for condos, increasing safety and potentially mitigating Fannie Mae and Freddie Mac's risks.
Condo buyers in Florida must currently put down 25% due to limitations imposed post-2008 crisis, while buyers elsewhere can often put down as little as 3-10%.
Collection
[
|
...
]