Calypso Resort Re-approved To Get Financing!

I am happy to inform you that the Calypso Condominium has been re-approved for the Fannie Mae Special Approval Designation Program, as indicated in the attached letter .

 

As a next step, you may wish to inform local real estate agents about the Fannie Mae Special Approval Designation and refer them to Fannie Mae’s Web site at www.efanniemae.com for additional information (search the site for “Special Approval Designation”).

 

Please do not instruct unit owners or potential buyers to contact Fannie Mae for their loan needs as Fannie Mae does not make mortgage loans, but rather purchases mortgage loans from approved lenders. Buyers must obtain financing from a lender that originates loans secured by a unit in a project that has received Fannie Mae’s Special Approval Designation. Currently, the following lenders are originating these loans in Florida : Wells Fargo Bank, N.A., HSBC Bank USA , N.A., PNC Bank, N.A., SunTrust Banks, Inc., Regions Financial Corp., Prospect Mortgage, LLC, Home Financing Center, Inc., Nationstar Mortgage, LLC, and Bank of America , N.A.  Buyers may also check with any lender of their choice to identify other lenders that may begin to offer financing on units in projects that have received Fannie Mae’s Special Approval Designation.  Please also feel free to contact us periodically to obtain an updated list of lenders originating these loans.

 

Existing unit owners whose loans are owned by Fannie Mae may be eligible to refinance.  Borrowers can check to see if Fannie Mae owns their current loan by going to www.fanniemae.com and using the Fannie Mae Loan Look-up Tool under the “refinance and modification” section. In addition, borrowers can call their current lender or call Fannie Mae at 1-800-732-6643 (8 am to 8 pm EST). If the loan is owned by Fannie Mae, the borrower will need to contact a lender that makes loans in projects with the Special Approval Designation, and complete the loan process with the lender.

 

Please note:  The Special Approval Designation for the 50 Biscayne Condominium will expire on 12/16/2012, and at that time will be automatically deleted from the Special Approval Designation Project List posted on www.efanniemae.comPlease contact Fannie Mae approximately 45 days prior to the expiration date for assistance in determining whether the Special Approval Designation needs to be renewed and, if so, to discuss the steps required in order to begin the Special Approval Designation renewal review.

Please feel free to contact me with any questions or concerns you may have.

 

 

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