Calypso no longer qualifies for Fannie Mae mortgages for new condominium buyers. Calypso condominium first received a Special Approval Designation from Fannie Mae on June 10, 2011. This permitted lenders to make 30 year fixed rate mortgages in this building that could be resold to Fannie Mae. This latest approval only applies to refinance transaction of existing Fannie Mae owned loans. This is different than past letters that provided Fannie Mae loans to new buyers.
Most condominiums in Panama City Beach only have 5 year arm adjustable mortgages available to them. The advantage to Fannie Mae loans is that they tend to have a slightly lower interest rate and a 30 year fixed interest rate.