Fannie Mae announced a program that could increase sales of existing Miami Beach condos
Thursday, the mortgage loan company said that it is evaluating hundreds of Miami Beach condos
projects in Florida to qualify units for Fannie Mae-backed loans through a new ``Special Approval'' designation.
In Miami-Dade County, dozens of Miami condos have been given the designation.
An executive vice president for Fannie Mae, Karen Pallotta says Florida’s condo market
, ``has been particularly hard hit by the housing downturn and we're working with the industry and our partners to do all we can to stabilize the market and help spur recovery.”Miami Beach condos
projects that may not currently meet Fannie Mae's standard eligibility criteria are being examined by six Fannie Mae professionals.
Projects believe to be adequately stable following the closer examination are granted a ``Special Approval'' designation which means that lenders can initiate and deliver mortgage loans secured by units in these particular projects to Fannie Mae.