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
- Benefits of Fannie Mae Approved Condos
- List of Fannie Mae Approved Condos in Miami
- How to Search for Fannie Mae Approved Condos
- How Condos Get Fannie Mae Approval
- What Role does a Condo Board have in Fannie Mae Approval?
- Low Down Payment Options for Fannie Mae Approval
- How to Get Financing with Low Down Payment if Not Fannie Mae Approved
If a condo fits Fannie Mae guidelines you could get:
- 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.
- The most favorable interest rates that the lender can offer
- Lower origination fees
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 Building||Neighborhood||Address (Full)||Price Range||Area (Sq Ft)||Year Built||Approval|
|400 Sunny Isles Condo||Sunny Isles Beach||400 Sunny Isles Blvd, Sunny Isles Beach 33360||600,000-2,900,000||1432-5005||2016||Lender P|
|500 Brickell Condo||Brickell||500 Brickell Ave, Miami 33131||275,000-780,000||728-3800||2010||Lender M|
|900 Biscayne Bay||Downtown Miami||900 Biscayne Blvd, Miami 33132||350,000-3,000,000||912-3793||2008||Lender M|
|1010 Brickell||Brickell||1010 Brickell Ave, Miami 33131||304,900-1,578,000||442-2,650||2017||PERS, Lender M|
|Avenue 1060 Brickell||Brickell||1050-1060 Brickell Ave, Miami 33131||260,000-1,500,000||551-2564||2013||PERS, Lender YM|
|1100 Millecento Condo||Brickell||1100 S Miami Ave, Miami 33130||250,000-799,000||530-1270||2015||Lender M|
|1800 Club||Edgewater||1800 N Bayshore Dr, Miami 33137||295,000-1,799,000||822-4120||2008||Lender P, M|
|200 Leslie Condominiums||Hallandale Beach||200 Leslie Dr, Hallandale Beach 33009||190,000-549,000||875-1455||1981||Lender M|
|Alaqua||Aventura||3001 NE 185 St, Aventura 33180||255,000-450,000||836-1730||2007||Lender P|
|Anchor Bay Club||Hallandale Beach||300 Three Islands Blvd, Hallandale Beach 33309||320,000-575,000||1221-1692||1987||Lender P|
|Arbor||Coconut Grove||3034 Oak Ave, Coconut Grove 33133||700,000-1,300,000||1470-2023||2018||PERS|
|Aria on the Bay||Edgewater||488 NE 18 St, Miami 33132||405,000-10,000,000||706-4238||2018||Lender M|
|Artech||Aventura||2950 NE 188 St, Aventura 33180||380,000-720,000||1200-2150||2010||Lender P|
|Atrium at Aventura||Aventura||3131 NE 188th St, Aventura 33180||410,000-1,250,000||1200-2819||2009||Lender M|
|Aventi||Aventura||2901 NE 185th St, Aventura 33180||235,000-350,000||859-1450||2001||Lender P|
|Aventura Marina 2||Aventura||3330 NE 190 St, Aventura 33180||520,000-1,150,000||1824-3061||2007||Lender P|
|Axis on Brickell 2||Brickell||1111 SW 1 Ave, Miami 33130||255,000-1,175,000||690-2095||2008||Lender M|
|Axis on Brickell||Brickell||79 SW 12th St, Miami 33130||430,000-2,050,000||737-2592||2019||Lender P|
|Baltus House||Design District||4250 Biscayne Blvd, Miami 33137||220,000-725,000||488-1780||2017||Lender M|
|Bayview Plaza||South Beach||1621 Bay Rd, Miami Beach 33139||320,000-487,000||660-1070||1997||Lender P|
|Blue Condo||Edgewater||601 NE 36th St, Miami 33137||395,000-1,350,000||760-2840||2006||Lender M|
|Brickell Flatiron||Brickell||1000 Brickell Plaza , Miami 33131||430,000-17,500,000||662-5173||2019||PERS|
|Brickell Heights East||Brickell||45 SW 9 St, Miami 33130||355,000-1,500,000||738-1723||2017||Lender M|
|Brickell Heights West||Brickell||55 SW 9th St, Miami 33130||335,000-2,000,000||541-2388||2017||Lender M|
|Brickell Townhouse||Brickell||2451 Brickell Ave, Miami 33129||280,000-550,000||832-1188||1968||Lender P|
|Club at Brickell Bay Plaza||Brickell||1200 Brickell Bay Dr, Miami 33130||209,000-519,900||425-1,310||2014||Lender P, M|
|Bristol Tower Condo||Brickell||2127 Brickell Ave, Miami 33129||590,000-5,300,000||1210-5890||2010||Lender P, M|
|Canvas||Arts & Entertainment District||1600 NE 1st Ave, Miami 33132||289,000-640,000||620-1,110||2017||PERS|
|Carbonell Brickell Key||Brickell Key||901 Brickell Key Blvd, Miami 33129||360,000-2,750,000||1031-2860||2006||Lender M|
|Cassa Brickell||Brickell||201 SW 17th Rd, Miami 33129||309,000-742,000||682-1380||2016||Lender P, M|
|Cite on the Bay||Edgewater||2000 N Bayshore Dr and 2001 Biscayne Blvd, Miami 33137||239,000-705,000||707-1,453||2007||Lender P|
|City 24||Edgewater||350 NE 24th St, Miami 33137||247,000-520,000||659-1360||2008||Lender M|
|Club at Brickell||Brickell||1200 Brickell Bay Dr , Miami 33131||239,000-890,000||425-1245||2014||Lender M|
|Courvoisier Courts||Brickell Key||701 Brickell Key Blvd, Miami 33131||320,000-2,300,000||800-3750||1997||Lender M|
|Douglas Grand Condominium||Coral Gables||50 Menores Ave, Miami 33134||200,000-280,000||423-1026||2002||Lender M|
|Echo Brickell Residences||Brickell||1451 Brickell Ave, Miami 33131||470,000-3,900,000||729-4896||2017||Lender M|
|Gallery Art||Edgewater||333 NE 24 St , Miami 33137||240,000-780,000||692-1187||2009||Lender M|
|Gran Paraiso||Edgewater||480 NE 31st St, Miami 33137||720,000-2,475,900||1,062-2,636||2018||PERS|
|Icon Brickell I||Brickell||475 Brickell Ave, Miami 33131||269,000-1,500,000||547-3477||2014||Lender P, M|
|Icon Brickell II||Brickell||495 Brickell Ave, Miami 33131||402,000-1,800,000||732-2632||2008||Lender P, M|
|Infinity at Brickell||Brickell||60 SW 13th St, Miami 33130||239,000-1,500,000||488-2734||2008||Lender P, M|
|Isola||Brickell Key||770 Claughton Island Dr, Miami 33131||235,000-560,000||671-1,065||1990||Lender P, M|
|IVY at Riverfront||Miami River||90 SW 3rd St, Miami 33130||276,000-5,500,000||722-2456||2008||Lender P, M|
|Key Colony I Tidemark||Key Biscayne||201 Crandon Blvd, Key Biscayne 33149||600,000-2,400,000||1009-2789||1978||Lender P|
|Loft Downtown I||Downtown Miami||234 NE 3rd St, Miami 33132||180,000-350,000||625-1185||2006||Lender P, M|
|Loft Downtown II||Downtown Miami||133 NE 2nd Ave, Miami 33132||176,000-340,000||646-1153||2008||Lender P, M|
|Marina Blue||Downtown Miami||888 Biscayne Blvd, Miami 33132||2,200-1,800,000||833-2,663||2008||Lender P, M|
|Meridian 5||South Beach||421 Meridian Ave, Miami Beach 33139||449,000-800,000||671-1,013||2011||PERS|
|Met1||Downtown Miami||300 S Biscayne Blvd, Miami 33131||235,000-550,000||544-2402||2011||Lender P|
|Midtown 2||Midtown||3470 E Coast Ave , Miami 33137||295,000-1,375,000||564-5070||2008||Lender M|
|Mint at Riverfront||Miami River||92 SW 3rd St, Miami 33130||295,000-1,500,000||754-2439||2008||Lender P, M|
|Mirador South||South Beach||1000 West Ave, Miami Beach 33139||185,000-1,380,000||543-1473||1968||Lender P|
|Mirador North||South Beach||1200 West Ave, Miami Beach 33139||207,000 - 3,300,000||552-4000||1968||Lender P|
|Mirador East||South Beach||1035 West Ave, Miami Beach 33139||240,000-450,000||576-983||1979||Lender P|
|Mystic Pointe 300||Aventura||3600 Mystic Pointe Dr, Aventura 33180||255,000-1,290,000||753-2503||1989||Lender P|
|Mystic Pointe 600||Aventura||3400 NE 192nd St, Aventura 33180||255,000-389,000||1181-1361||1991||Lender P|
|Neo Lofts Condo||Miami River||10 SW South River Dr, Miami 33130||200,000-355,000||646-1174||2010||Lender M, P|
|New Wave Condo||Edgewater||725 NE 22nd St, Miami 33137||385,000-650,000||850-1400||2006||Lender P|
|Nine at Mary Brickell Village||Brickell||999 SW 1st Ave, Miami 33130||320,000-955,000||749-2098||2015||Lender M|
|North Tower at The Point Condo||Aventura||21205 Yacht Club Dr, Aventura 33180||380,000-750,000||1510-2940||2002||Lender M|
|One Bay Residences||Edgewater||455 Ne 39th St, Miami 33137||359,000-1,199,000||877-2,236||2017||PERS|
|One Miami East||Downtown Miami||335 S Biscayne Blvd , Miami 33131||239,000-2,500,000||506-3200||2006||Lender M|
|One Miami West||Downtown Miami||325 S Biscayne Blvd, Miami 33131||239,000-2,500,000||506-3200||2006||Lender M|
|One Paraiso||Edgewater||600 Ne 31st St, Miami 33137||699,000-5,700,000||1,088-4,549||2017||PERS|
|One Tequesta Point||Brickell Key||888 Brickell Key Dr , Miami 33131||565,000-1,700,000||784-2050||1995||Lender M|
|Opera Tower||Edgewater||1750 N Bayshore Dr , Miami 33134||185,000-550,000||401-1105||2007||Lender M|
|Parc Plaza||South Beach||1775 Washington Ave, Miami Beach 33134||250,000-650,000||740-1010||1983||Lender P|
|Paraiso Bay||Edgewater||650 NE 32nd St, Miami 33137||529,000-3,250,000||967-4,210||2018||PERS|
|Paraiso Bayviews||Edgewater||501 NE 31st St, Miami 33137||415,900-1,350,900||247-2,551||2017||PERS|
|Porto Bellagio||Sunny Isles Beach||17145 N Bay Rd, Sunny Isles Beach 33160||254,000-575,000||645-1353||2003||Lender P|
|Quantum on the Bay||Edgewater||1900 N Bayshore Dr, Miami 33132||235,000-950,000||594-1,970||2008||Lender P, M|
|Skyline on Brickell||Brickell||2101 Brickell Ave, Miami 33129||310,000-990,000||790-1762||2009||Lender M|
|SLS Lux||Brickell||801 S Miami Ave, Miami 33131||427,900-3,999,999||485-3,173||2018||PERS, Lender P|
|Sunset Harbour North||South Beach||1900 Sunset Harbour Dr , Miami Beach 33139||649,000-8,500,000||750-7060||2000||Lender M|
|Ten30||South Beach||1030 15th St, Miami Beach 33139||N/A||620-1190||2018||PERS|
|Terrace Towers Coop||Venetian Islands||3 Island Ave, Miami Beach 33139||270,000-1,500,000||950-1368||1962||PERS, Lender P|
|The Bond on Brickell||Brickell||1080 Brickell Ave, Miami 33131||289,000-795,000||507-1710||2016||Lender M, PERS|
|The Courts at Brickell Key||Brickell Key||801 Brickell Key Blvd, Miami 33131||325,000-1,400,000||863-1493||2003||Lender M|
|The Mark on Brickell||Brickell||1155 Brickell Bay Dr, Miami 33131||305,000-1,500,000||750-1950||2001||Lender M|
|The Plaza on Brickell East||Brickell||950 Brickell Bay Dr, Miami 33131||320,000-950,000||628-2208||2008||Lender M, P|
|The Plaza on Brickell West||Brickell||951 Brickell Ave, Miami 33131||298,000-1,198,000||639-2221||2008||Lender P, M|
|The Vue at Brickell||Brickell||1250 S Miami Ave, Miami 33130||245,000-550,000||737-1766||2006||Lender M|
|The Yorker||Edgewater||444 NE 30 St , Miami 33137||289,000-365,000||800-1010||2005||Lender M|
|Three Tequesta Point||Brickell Key||848 Brickell Key Dr, Miami 33131||350,000-3,500,000||1083-2353||2001||Lender M|
|Two Tequesta Point||Brickell Key||808 Brickell Key Dr, Miami 33131||380,000-2,250,000||907-5097||2009||Lender M|
|Villa Regina||Brickell||1581 Brickell Ave, Miami 33129||300,000-2,500,000||717-3060||1982||Lender M|
|Villa Zamora||Coral Gables||118 Zamora Ave, Coral Gables 33134||450,000-550,000||1401-1615||2007||Lender P|
|Village by the Bay||Aventura||3115-3285 NE 184th St, Aventura 33160||250,000-350,000||893-1191||1997||Lender P|
|Vizcayne||Downtown Miami||253 NE 2nd St, Miami 33132||209,000-1,750,000||501-3020||2005||Lender 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.
Fannie Mae keeps a list of approved condos on their site that they update weekly. 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.
There are two ways you can get Fannie Mae approval for your condo purchase.
- 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 in the approved list that is updated weekly, you are good to go.
- 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.
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.
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.
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! Please let us know if you have any questions or need additional financing help.