NAHB - Economics and Finance Update
Freddie Mac Announces Effort to Increase Mortgage Finance for Condos in Florida
In an effort to increase the availability of financing for Florida’s beleaguered condominium market, which has been among the hardest hit by the current housing downturn, Freddie Mac on March 31 announced that it was waiving some of its requirements and warranties for backing mortgages on the state’s condo units.
The new initiative will make it much easier to process purchase transactions of condo units and will benefit individuals such as owners, buyers, real estate agents and lenders. The streamlining effort will make it possible to obtain Freddie Mac backing in buildings that previously did not meet vacancy-level and other origination and underwriting requirements.
The existing first lien conventional mortgage on the unit being purchased must be owned or have been securitized by Freddie Mac.
The date of the mortgage on the unit being purchased can be no later than Dec. 31, 2009 and the settlement date for the new mortgage must be on or before March 31, 2011.
Freddie Mac also announced that it will not accept Fannie Mae’s special approval designation for establish condominium projects in Florida.
To read the announcement in Freddie Mac Bulletin 2010-8, click here.
For more information, e-mail Stephen Linville at NAHB, or call him at 800-368-5242 x8597.
Sunday, April 25, 2010
Thursday, April 22, 2010
PLEASE TAKE 30 SECONDS TO STOP AMENDMENT 4
PLEASE TAKE 30 SECONDS TO STOP AMENDMENT 4
In November, Florida voters will be making a decision that has major consequences for your business. It’s called Amendment 4 and if it’s passed, it will mean lights out for Florida’s economy. Please take two minutes to watch this important web video on St. Pete Beach—the first community in Florida to adopt a local version of Amendment 4: CLICK HERE. (www.florida2010.org/home.php)
After you’ve watched it, please forward it to your co-workers, friends and family.
We’re as concerned as you are about Amendment 4. That’s why the Florida Home Builders Association has been working closely with the “VOTE NO on 4” campaign to alert voters to the dangers of this measure.
But unless we spread the word, this amendment may pass and Florida will never recover. Now, with only 30 seconds and a few clicks of the mouse, you can make a major difference in this campaign. As part of an unprecedented coalition assembled by the “VOTE NO on 4” campaign, we’re calling on all of our members to forward this video to at least 50 fellow Floridians. If everyone takes this small step, we will reach hundreds of thousands of voters.
Our team at the Florida Home Builders Association is working together with hundreds of organizations across Florida as part of a unified “VOTE NO on 4” campaign to defeat this measure. If you have any questions, or need more information, please visit our campaign website at http://www.florida2010.org/.
SPREAD THE WORD
Add the "No on 4" logo to your email signature line. Click HERE to get the logo.
Be sure to include the following language with the logo:
Pd. Pol. Adv. Paid for and sponsored by Citizens for Lower Taxes and a Stronger Economy, Inc. - 610 South Blvd., Tampa, FL 33606
In November, Florida voters will be making a decision that has major consequences for your business. It’s called Amendment 4 and if it’s passed, it will mean lights out for Florida’s economy. Please take two minutes to watch this important web video on St. Pete Beach—the first community in Florida to adopt a local version of Amendment 4: CLICK HERE. (www.florida2010.org/home.php)
After you’ve watched it, please forward it to your co-workers, friends and family.
We’re as concerned as you are about Amendment 4. That’s why the Florida Home Builders Association has been working closely with the “VOTE NO on 4” campaign to alert voters to the dangers of this measure.
But unless we spread the word, this amendment may pass and Florida will never recover. Now, with only 30 seconds and a few clicks of the mouse, you can make a major difference in this campaign. As part of an unprecedented coalition assembled by the “VOTE NO on 4” campaign, we’re calling on all of our members to forward this video to at least 50 fellow Floridians. If everyone takes this small step, we will reach hundreds of thousands of voters.
Our team at the Florida Home Builders Association is working together with hundreds of organizations across Florida as part of a unified “VOTE NO on 4” campaign to defeat this measure. If you have any questions, or need more information, please visit our campaign website at http://www.florida2010.org/.
SPREAD THE WORD
Add the "No on 4" logo to your email signature line. Click HERE to get the logo.
Be sure to include the following language with the logo:
Pd. Pol. Adv. Paid for and sponsored by Citizens for Lower Taxes and a Stronger Economy, Inc. - 610 South Blvd., Tampa, FL 33606
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