Fannie Mae Approved Condos in Miami Florida

Fannie Mae Approved Condos in Miami Florida

May 01, 2021 May 01, 2021

Why is it important for you to know whether the condo you want to buy is Fannie Mae approved? Here’s why . . .

So you’ve chosen to buy a beautiful Miami condo. And you need to get condo financing for this purchase, and you’re wondering how much your down payment will need to be. There are many factors that determine this, but you will almost always get the best rates and terms if the condo is Fannie Mae approved. And that’s why you want to know if your Miami condo has Fannie approval or not! :)

Below you will find the most updated Fannie Mae approved condos list for the most popular Miami neighborhoods. But before we jump into the list of Fannie Mae-approved condos, let’s take a look at the benefits of having a Fannie Mae-approved mortgage.

Last updated: October 13, 2021

Table of Contents

  1. Benefits of Fannie Mae Approved Condos
  2. List of Fannie Mae Approved Condos in Miami
  3. How to Search for Fannie Mae Approved Condos 
  4. How Condos Get Fannie Mae Approval
  5. What Role does a Condo Board have in Fannie Mae Approval?
  6. Low Down Payment Options for Fannie Mae Approval 
  7. How to Get Financing with Low Down Payment if Not Fannie Mae Approved

— Benefits of Fannie Mae Approved Condos

If a condo fits Fannie Mae guidelines you could get:

  1. A down payment as low as 3% of purchase price for a loan up to $548,250 (2021) and up to $625,000 (2022). In some higher-cost markets, loans limit can currently be up to a ceiling that’s equal to 150 percent of the baseline conforming loan limit, or $822,375.
  2. The most favorable interest rates that the lender can offer
  3. Lower origination fees

List of Fannie Mae Approved Condos in Miami

Do you want to know if a specific Miami condo is Fannie Mae approved? You are in luck, as we have compiled a comprehensive list here for you.

You will notice in the list below that many of the Fannie Mae approved condos are new construction. This is because developers take the time and money to go through the Fannie Mae project approval process. That said, we also have added condos in this list where we know that relatively recently a lender has been able to get the condo approved for lending with favorable Fannie Mae loan terms. 

These lists are constantly changing. Just because a condo you like is not in this list, or just because it IS in this list, doesn’t guarantee that it is or isn’t Fannie Mae approved. It does mean that this condo building recently was approved either directly with Fannie or with a lender we have a relationship with, and that means it is very likely to be approved again for a Fannie-backed mortgage from your lender.

Condo BuildingNeighborhoodAddress (Full)Price RangeArea (Sq Ft)Year BuiltApproval
400 Sunny Isles Condo Sunny Isles Beach400 Sunny Isles Blvd, Sunny Isles Beach 33360600,000-2,900,0001432-50052016Lender P
500 Brickell Condo Brickell 500 Brickell Ave, Miami 33131275,000-780,000728-38002010Lender M
900 Biscayne BayDowntown Miami 900 Biscayne Blvd, Miami 33132350,000-3,000,000912-37932008Lender M
1010 BrickellBrickell 1010 Brickell Ave, Miami 33131304,900-​1,578,000442-2,6502017PERS, Lender M
Avenue 1060 Brickell Brickell 1050-1060 Brickell Ave, Miami 33131260,000-1,500,000551-25642013PERS, Lender YM
1100 Millecento Condo Brickell 1100 S Miami Ave, Miami 33130250,000-799,000530-12702015Lender M
1800 ClubEdgewater1800 N Bayshore Dr, Miami 33137295,000-​1,799,000822-41202008Lender P, M
200 Leslie CondominiumsHallandale Beach200 Leslie Dr, Hallandale Beach 33009190,000-549,000875-14551981Lender M
AlaquaAventura3001 NE 185 St, Aventura 33180255,000-450,000836-17302007Lender P
Anchor Bay ClubHallandale Beach300 Three Islands Blvd, Hallandale Beach 33309320,000-575,0001221-16921987Lender P
ArborCoconut Grove3034 Oak Ave, Coconut Grove 33133700,000-1,300,0001470-20232018PERS
Aria on the BayEdgewater488 NE 18 St, Miami 33132405,000-10,000,000706-42382018Lender M
Artech Aventura2950 NE 188 St, Aventura 33180380,000-720,0001200-21502010Lender P
Atrium at AventuraAventura3131 NE 188th St, Aventura 33180410,000-1,250,0001200-28192009Lender M
AventiAventura2901 NE 185th St, Aventura 33180235,000-350,000859-14502001Lender P
Aventura Marina 2Aventura3330 NE 190 St, Aventura 33180520,000-1,150,0001824-30612007Lender P
Axis on Brickell 2Brickell 1111 SW 1 Ave, Miami 33130255,000-1,175,000690-20952008Lender M
Axis on BrickellBrickell 79 SW 12th St, Miami 33130430,000-​2,050,000737-25922019Lender P
Baltus HouseDesign District4250 Biscayne Blvd, Miami 33137220,000-725,000488-17802017Lender M
Bayview PlazaSouth Beach 1621 Bay Rd, Miami Beach 33139320,000-487,000660-10701997Lender P
Blue Condo Edgewater601 NE 36th St, Miami 33137395,000-1,350,000760-28402006Lender M
Brickell Flatiron Brickell 1000 Brickell Plaza , Miami 33131430,000-​17,500,000662-51732019PERS
Brickell Heights East Brickell 45 SW 9 St, Miami 33130355,000-1,500,000738-17232017Lender M
Brickell Heights West Brickell 55 SW 9th St, Miami 33130335,000-2,000,000541-23882017Lender M
Brickell TownhouseBrickell 2451 Brickell Ave, Miami 33129280,000-550,000832-11881968Lender P
Club at Brickell Bay PlazaBrickell 1200 Brickell Bay Dr, Miami 33130209,000-​519,900425-1,3102014Lender P, M
Bristol Tower Condo Brickell 2127 Brickell Ave, Miami 33129590,000-5,300,0001210-58902010Lender P, M
CanvasArts & Entertainment District1600 NE 1st Ave, Miami 33132289,000-​640,000620-1,1102017PERS
Carbonell Brickell KeyBrickell Key 901 Brickell Key Blvd, Miami 33129360,000-2,750,0001031-28602006Lender M
Cassa BrickellBrickell 201 SW 17th Rd, Miami 33129309,000-742,000682-13802016Lender P, M
Cite on the BayEdgewater2000 N Bayshore Dr and 2001 Biscayne Blvd, Miami 33137239,000-​705,000707-1,4532007Lender P
City 24Edgewater350 NE 24th St, Miami 33137247,000-520,000659-13602008Lender M
Club at BrickellBrickell 1200 Brickell Bay Dr , Miami 33131239,000-890,000425-12452014Lender M
Courvoisier Courts Brickell Key 701 Brickell Key Blvd, Miami 33131320,000-2,300,000800-37501997Lender M
Douglas Grand Condominium Coral Gables50 Menores Ave, Miami 33134200,000-280,000423-10262002Lender M
Echo Brickell ResidencesBrickell 1451 Brickell Ave, Miami 33131470,000-3,900,000729-48962017Lender M
Gallery ArtEdgewater333 NE 24 St , Miami 33137240,000-780,000692-11872009Lender M
Gran ParaisoEdgewater480 NE 31st St, Miami 33137720,000-​2,475,9001,062-2,6362018PERS
Icon Brickell IBrickell 475 Brickell Ave, Miami 33131269,000-1,500,000547-34772014Lender P, M
Icon Brickell IIBrickell 495 Brickell Ave, Miami 33131402,000-1,800,000732-26322008Lender P, M
Infinity at Brickell Brickell 60 SW 13th St, Miami 33130239,000-1,500,000488-27342008Lender P, M
IsolaBrickell Key 770 Claughton Island Dr, Miami 33131235,000-​560,000671-1,0651990Lender P, M
IVY at RiverfrontMiami River90 SW 3rd St, Miami 33130276,000-5,500,000722-24562008Lender P, M
Key Colony I TidemarkKey Biscayne201 Crandon Blvd, Key Biscayne 33149600,000-2,400,0001009-27891978Lender P
Loft Downtown IDowntown Miami 234 NE 3rd St, Miami 33132180,000-350,000625-11852006Lender P, M
Loft Downtown IIDowntown Miami 133 NE 2nd Ave, Miami 33132176,000-340,000646-11532008Lender P, M
Marina BlueDowntown Miami 888 Biscayne Blvd, Miami 331322,200-​1,800,000833-2,6632008Lender P, M
Meridian 5South Beach 421 Meridian Ave, Miami Beach 33139449,000-​800,000671-1,0132011PERS
Met1Downtown Miami 300 S Biscayne Blvd, Miami 33131235,000-550,000544-24022011Lender P
Midtown 2 Midtown 3470 E Coast Ave , Miami 33137295,000-1,375,000564-50702008Lender M
Mint at Riverfront Miami River92 SW 3rd St, Miami 33130295,000-1,500,000754-24392008Lender P, M
Mirador SouthSouth Beach 1000 West Ave, Miami Beach 33139185,000-1,380,000543-14731968Lender P
Mirador North South Beach 1200 West Ave, Miami Beach 33139207,000 - 3,300,000552-40001968Lender P
Mirador EastSouth Beach 1035 West Ave, Miami Beach 33139240,000-450,000576-9831979Lender P
Mystic Pointe 300Aventura3600 Mystic Pointe Dr, Aventura 33180255,000-1,290,000753-25031989Lender P
Mystic Pointe 600Aventura3400 NE 192nd St, Aventura 33180255,000-389,0001181-13611991Lender P
Neo Lofts CondoMiami River10 SW South River Dr, Miami 33130200,000-355,000646-11742010Lender M, P
New Wave CondoEdgewater725 NE 22nd St, Miami 33137385,000-650,000850-14002006Lender P
Nine at Mary Brickell VillageBrickell 999 SW 1st Ave, Miami 33130320,000-955,000749-20982015Lender M
North Tower at The Point CondoAventura21205 Yacht Club Dr, Aventura 33180380,000-750,0001510-29402002Lender M
One Bay ResidencesEdgewater455 Ne 39th St, Miami 33137359,000-​1,199,000877-2,2362017PERS
One Miami EastDowntown Miami 335 S Biscayne Blvd , Miami 33131239,000-2,500,000506-32002006Lender M
One Miami WestDowntown Miami 325 S Biscayne Blvd, Miami 33131239,000-2,500,000506-32002006Lender M
One ParaisoEdgewater600 Ne 31st St, Miami 33137699,000-​5,700,0001,088-4,5492017PERS
One Tequesta Point Brickell Key 888 Brickell Key Dr , Miami 33131565,000-1,700,000784-20501995Lender M
Opera Tower Edgewater1750 N Bayshore Dr , Miami 33134185,000-550,000401-11052007Lender M
Parc Plaza South Beach 1775 Washington Ave, Miami Beach 33134250,000-650,000740-10101983Lender P
Paraiso BayEdgewater650 NE 32nd St, Miami 33137529,000-​3,250,000967-4,2102018PERS
Paraiso BayviewsEdgewater501 NE 31st St, Miami 33137415,900-​1,350,900247-2,5512017PERS
Porto BellagioSunny Isles Beach 17145 N Bay Rd, Sunny Isles Beach 33160254,000-575,000645-13532003Lender P
Quantum on the BayEdgewater1900 N Bayshore Dr, Miami 33132235,000-​950,000594-1,9702008Lender P, M
Skyline on Brickell Brickell 2101 Brickell Ave, Miami 33129310,000-990,000790-17622009Lender M
SLS LuxBrickell 801 S Miami Ave, Miami 33131427,900-​3,999,999485-3,1732018PERS, Lender P
Sunset Harbour NorthSouth Beach 1900 Sunset Harbour Dr , Miami Beach 33139649,000-8,500,000750-70602000Lender M
Ten30South Beach 1030 15th St, Miami Beach 33139N/A620-11902018PERS
Terrace Towers CoopVenetian Islands3 Island Ave, Miami Beach 33139270,000-1,500,000950-13681962PERS, Lender P
The Bond on Brickell Brickell 1080 Brickell Ave, Miami 33131289,000-795,000507-17102016Lender M, PERS
The Courts at Brickell Key Brickell Key 801 Brickell Key Blvd, Miami 33131325,000-1,400,000863-14932003Lender M
The Mark on BrickellBrickell 1155 Brickell Bay Dr, Miami 33131305,000-1,500,000750-19502001Lender M
The Plaza on Brickell EastBrickell 950 Brickell Bay Dr, Miami 33131320,000-950,000628-22082008Lender M, P
The Plaza on Brickell WestBrickell 951 Brickell Ave, Miami 33131298,000-1,198,000639-22212008Lender P, M
The Vue at BrickellBrickell 1250 S Miami Ave, Miami 33130245,000-550,000737-17662006Lender M
The Yorker Edgewater444 NE 30 St , Miami 33137289,000-365,000800-10102005Lender M
Three Tequesta Point Brickell Key 848 Brickell Key Dr, Miami 33131350,000-3,500,0001083-23532001Lender M
Two Tequesta Point Brickell Key 808 Brickell Key Dr, Miami 33131380,000-2,250,000907-50972009Lender M
Villa Regina Brickell 1581 Brickell Ave, Miami 33129300,000-2,500,000717-30601982Lender M
Villa ZamoraCoral Gables118 Zamora Ave, Coral Gables 33134450,000-550,0001401-16152007Lender P
Village by the BayAventura3115-3285 NE 184th St, Aventura 33160250,000-350,000893-11911997Lender P
Vizcayne Downtown Miami 253 NE 2nd St, Miami 33132209,000-1,750,000501-30202005Lender M, P

By the way just because you don’t see your favorite condo in the above list doesn’t mean it isn’t Fannie Mae approved...and just because it is in this list doesn’t guarantee it either. Things change, and ultimately you will have to go through a process with your lender to determine what they approve at that moment in time.

We have a much more elaborate list of Fannie approved condos in other places in South Florida in various price points. Contact us with your price point and desired neighborhood, and we will get you a list of likely to be approved condos.

— How to Search for Fannie Mae Approved Condos

Fannie Mae maintains a list of approved condos. These are ONLY the PERS approved condos, so it is only a very short list of approvals and doesn’t mean that your favorite condo can’t be approved for a Fannie Mae backed mortgage by a lender.

Many Miami condos will pass lender-initiated, one-off approvals to be able to qualify for a Fannie Mae or Freddie Mac-approved loan. The condo rules and financials of the condo building need to pass muster. The best way to know is to search for any Miami condo that you like, and submit a request to us to see if we can verify the likelihood of it being able to be Fannie Mae approved.

— How Does a Condo Receive Fannie Mae Approval

There are two ways you can get Fannie Mae approval for your condo purchase.

  1. Pre-approved condo through Project Eligibility Review Service (PERS). If the building chooses to pay the fee and go through a standardized review process with Fannie Mae, it can essentially be “pre-approved” for Fannie Mae financing. So if the condo you are interested in buying is already approved, you are good to go.
  2. One-off Fannie Mae approval through your lender. If your condo is not already on the Fannie approved list, your lender can send a condo questionnaire to your association to complete, which will ask the questions they need to determine if it will pass muster with Fannie Mae.

— What Role Does a Condo Association Have in Fannie Mae Approval?

A condo association can opt to go through the PERS approval, which does have a cost associated with it. By going through the PERS approval, they really streamline the ability for buyers to get Fannie Mae-approved condo loans and also attract more buyers in general. Another way a condo association can impact Fannie Mae approval is if they follow all guidelines that would be checked if a lender would attempt to get a one-off Fannie approval for a condo loan. The one item that can affect a condo sale is whether or not a condo building has 10% of the total budget set aside for reserves. 

Reserves are like a savings account for future major repairs (for example, replacing the roof every 10 years), and Fannie wants to see that the HOA or condo association is being fiscally responsible in regard to taking care of major items like that. Many condo associations vote down reserves to lower than 10% of budget in order to lower association fees, but it backfires by making the condo ineligible for easy Fannie Mae financing and thus lowering the property values.

— Low Down Payment Options for Fannie Mae Approved Condos

Typically you can get as low as 3.5% down payment if a condo is Fannie Mae approved. However, in order to avoid an additional monthly mortgage insurance premium and also receive the absolute best rates, you would want to put at least 20% down.

— How to Get Financing with Low Down Payments if the Condo is Not Fannie Mae Approved

There are many lenders that will be able to get you 10% down payment total by doing what is called a 75/15 loan. That means that they give a first loan at 75% of the value of the property (in other words, a 25% down loan), and then do a simultaneous home equity line of credit for another 15%, which goes towards the 25% down loan. It sounds confusing, but here is a simple way to look at it:

Purchase Price, minus 75% first loan, minus 15% second line of credit = 10% down out of your pocket. So that is a common way to buy into a condo that is not Fannie Mae approved.

Another way to get a condo loan without Fannie Mae approval is to simply put 20-25% down to go through a streamlined condo approval process with your lender. As long as there is no litigation on the property, you will typically be able to get approval on the condo with the 25% down option. Sometimes it can go as low as 20%.

In the meantime, you can start searching for the perfect Fannie Mae approved condo here on our site. Happy searching!


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