Fannie Mae Approved Condos in Miami Florida

Founder, Condoblackbook.com & Owner/Broker, HB Roswell Realty
Fannie Mae Approved Condos in Miami Florida
Founder, Condoblackbook.com & Owner/Broker, HB Roswell Realty

Apr 23, 2019 April 23, 2019

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

So you chosen to finally buy a beautiful Miami condo. You want to get a loan, and you are wondering how much of a down payment would be required for it. There are many factors that determine that, but you will almost always get the best rates and terms if the condo is Fannie Mae approved. And that is why you want to know if your Miami condo has Fannie approval or not! :)

Below you will find a list of Fannie approved condos, benefits of having a Fannie approved mortgage, how condos get Fannie approval and what the criteria are.


Benefits of Fannie Mae Approved Condos

If a condo fits Fannie Mae guidelines you could get:

  1. Down payment as low as 3% of purchase price
  2. The most favorable interest rates that the lender can offer
  3. Lower origination fees


List of Fannie Mae Approved Condos in Miami

Last updated: April 16, 2019

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

You will notice in the below lists 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 just means that at some point recently it passed muster either directly with Fannie or with a lender we have a relationship with, and that means it is very highly likely to be approved again for Fannie-backed mortgage from your lender. Feel free to contact us anytime for the most updated list. Make sure to let us know what neighborhood(s) and/or buildings you are most interested in, so we can update you with the right info.


List of Fannie Mae Approved Condos in Brickell

Condo

Address

Neighborhood

City

Zip

Year built

Price Ranges

Area (sq ft)

Approval Type

1010 Brickell

1010 Brickell Ave

Brickell

Miami

33131

2017

304,900-​1,578,000

442-2,650

PERS

SLS Lux

801 S Miami Ave

Brickell

Miami

33131

2018

427,900-​3,999,999

485-3,173

PERS

Brickell Flatiron

1001 S Miami Ave

Brickell

Miami

33131

2019

430,000-​2,050,000

737-2,592

PERS

Axis on Brickell

79 SW 12th St

Brickell

Miami

33130

2019

430,000-​2,050,000

737-2,592

Lender P

Brickell Biscayne

150 SE 25th Rd

Brickell

Miami

33129

1969

229,000-​440,000

782-1,113

Lender P

Club at Brickell Bay Plaza

1200 Brickell Bay Dr

Brickell

Miami

33130

2014

209,000-​519,900

425-1,310

Lender P

Isola

770 Claughton Island Dr

Brickell Key

Miami

33131

1990

235,000-​560,000

671-1,065

Lender P


List of Fannie Mae Approved Condos in Downtown Miami

Condo

Address

Neighborhood

City

Zip

Year built

Price Ranges

Area (sq ft)

Approval Type

Marina Blue

888 Biscayne Blvd

Downtown Miami

Miami

33132

2008

2,200-​1,800,000

833-2,663

Lender P


List of Fannie Mae Approved Condos in Edgewater Miami, Midtown Miami or Arts and Entertainment District

Condo

Address

Neighborhood

City

Zip

Year built

Price Ranges

Area (sq ft)

Approval Type

Canvas

1600 NE 1st Ave

Arts & Entertainment District

Miami

33132

2017

289,000-​640,000

620-1,110

PERS

Gran Paraiso

480 NE 31st St

Edgewater

Miami

33137

2018

720,000-​2,475,900

1,062-2,636

PERS

Paraiso Bay

650 NE 32nd St

Edgewater

Miami

33137

2018

529,000-​3,250,000

967-4,210

PERS

Paraiso Bayviews

501 NE 31st St

Edgewater

Miami

33137

2017

415,900-​1,350,900

247-2,551

PERS

One Paraiso

600 Ne 31st St

Edgewater

Miami

33137

2017

699,000-​5,700,000

1,088-4,549

PERS

One Bay Residences

455 Ne 39th St

Edgewater

Miami

33137

2017

359,000-​1,199,000

877-2,236

PERS

Quantum on the Bay

1900 N Bayshore Dr

Edgewater

Miami

33132

2008

235,000-​950,000

594-1,970

Lender P

Cite on the Bay

2000 N Bayshore Dr and 2001 Biscayne Blvd

Edgewater

Miami

33137

2007

239,000-​705,000

707-1,453

Lender P

1800 Club

1800 N Bayshore Dr

Edgewater

Miami

33137

2008

295,000-​1,799,000

822-4,120

Lender P


List of Fannie Mae Approved Condos in Miami Beach

Condo

Address

Neighborhood

City

Zip

Year built

Price Ranges

Area (sq ft)

Approval Type

Meridian 5

421 Meridian Ave

South Beach

Miami Beach

33139

2011

449,000-​800,000

671-1,013

PERS

7315 Byron Ave

7315 Byron Ave

Mid-Beach

Miami Beach

Lender P

Parc Plaza South Beach

1775 Washington Ave

South Beach

Miami Beach

Lender P


List of Fannie Mae Approved Condos in Coral Gables

Condo

Address

Neighborhood

City

Zip

Year built

Price Ranges

Area (sq ft)

Approval Type

Merrick Manor

301 Altara Avenue

Coral Gables

Coral Gables

33146

2018

374,900-​1,719,990

574-2,393

PERS

Aston

3000 Coral Way

Coral Gables

Coral Gables

33131

2022

531,900-​8,602,900



698-4,434

Lender P

Douglas Residences

120 S Douglas Rd

Coral Gables

Coral Gables

Lender P

Minorca

2030 S Douglas Rd

Coral Gables

Coral Gables

33134

2005

350,000-​509,000

962-1,496

Lender P


List of Fannie Mae Approved Condos in Other Areas of South Florida

Condo

Address

Neighborhood

City

Zip

Year built

Price Ranges

Area (sq ft)

Approval Type

The Harbour North

16385 Biscayne Blvd

North Miami Beach

North Miami Beach

33160

2017

490,000-​1,748,000

937-2,483

PERS

The Harbour South

North Miami Beach

North Miami Beach

33160

2017

490,000-​1,748,000

937-2,483

PERS

Village by the Bay

3145 NE 184th St

Aventura

Aventura

33160

1997

239,900-​468,900

893-1,320

Lender P

Downtown Dadeland

7270 SW 8th St

Downtown Dadeland

Miami

Lender P

Gables Court

6841 SW 44th St

Miami

Miami

Lender P

Gables Point II

4555 SW 68th Ct Circle

Miami

Miami

Lender P

Gables Terrace

2351 Douglas Rd

Miami

Miami

Lender P

Gates at the Grove

3299 Bird Ave

Miami

Miami

Lender P

Gateway to the Grove

2600 SW 27th Ave

Miami

Miami

Lender P

Seybold Pointe

816 NW 11th St

Miami

Miami

Lender P

Ventura at Aventura East

18800 NE 29th Ave

Aventura

Miami

Lender P

Porto Bellagio

17100 N Bay Rd

Sunny Isles Beach

Sunny Isles Beach

Lender P


By the way just because you don’t see your favorite condo in the above lists 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 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 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 in the approved list that is updated weekly, 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 causes glitches for many condo sale deals is whether or not a condo has 10% of the total budget set aside for reserves. Reserves are like a savings account for future major repairs (like replacing the roof every 10 years), and Fannie wants to see that the 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. 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 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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