Calypso Loses Fannie Mae Approval

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.

Read More Hits: 2489

Pre 2013 articles

You can see a full preview of all articles written prior to 2013 by clicking here.  You can also see the list of article titles on the right hand side of this page.

Hits: 1503

Obamacare real estate tax will only affect top 1%

There's a persistent rumor that homeowners are required to pay a 3.8 percent federal healthcare tax for home sales under the new Affordable Care Act. This is an unfounded rumor, little more than an urban legend,

The truth is that the Affordable Care Act does impose a 3.8 percent tax on some types of non-wage income and investment profits, starting in 2013. This only applies to individuals with an adjusted gross income of $200,000 or couples with a $250,000 AGI, however, not to all homeowners.

*Adjusted Gross Income is the net number you pay taxes on after deductions

Read More Hits: 2098

What expenses come with a condo

Expences you see when buying a condo in Panama City Beach

People often have general questions when considering Panama City Beach condos for sale. A common question is; What expenses come with a condominium in Panama City Beach? Expenses that come with a condominium include taxes, insurance other utilities and association dues.

The dues charged by a condominium association can vary, but there are some universal fees that all condominiums in Panama City Beach charge. Condominium association fees include water, sewer and basic cable. Furthermore, some provide high-speed internet for homeowners. For most maintenance and insurance questions there is a general rule of thumb. The

Read More Hits: 14444

Understanding condominium budgets

Panama City Beach condo budgets and math

When buying a Panama City Beach Condo for sale it is important to understand the overall health of the condominium building you are buying into. Many times this situation occurs. A buyer will purchase a condo without fully understanding the financials of the condominium association. Some new owners find things in the associations they were not aware of while under contract. That's why it's important to understand the financial health of the Panama City Beach condominium you're buying.

Once you enter a contract to buy a condo, you're required to be provided a number of condominium documents which include the most recent end of the year financials. It's Florida law.

Read More Hits: 5205