Fannie Mae Gets Stricter On Condo Loans

Buyers eager to snatch up deals on Florida condos may have to fork over bigger down payments and face more intense reviews of their potential purchases. Under the new rules, Fannie Mae requires a minimum 15 percent down payment from investors and 10 percent from second-home buyers. The median sales price of condos in the metropolitan area that includes Tampa, St. Petersburg and Clearwater was $128,800 in December. That's down 29 percent from $181,700 a year earlier. Moody's Economy.com predicts sales prices will continue to fall until at least the third quarter of this year. Fannie Mae insists its new regulations will not hinder Florida's housing recovery.

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