50 Biscayne condo gets approved by Fannie Mae

Good news for 50 Biscayne owners and buyers:

"50 Biscayne, a project completed last year, recently won approval for Fannie Mae-backed loans even though more than 49 percent of the units are owned by investors, according to Condo Vultures research.

In a building that wins Fannie Mae's blessing, buyers generally can secure a mortgage with 20 percent down. In buildings that lack it, most sales are cash deals at prices vastly below market value. Many are foreclosure or other distressed sales.

Even projects in which all units have been sold desire the Fannie Mae designation because it allows owners to resell units more easily."

Full article:
http://www.miamiherald.com/103/story/995991.html