In January the loan programs for condos tightened standards again.  If you are looking to purchase a condominium in Florida as a secondary residence, many programs have changed.  If that wasn't enough, there are entire condominium buildings that banks are refusing to write loans for.

There are no more loan programs with 10 percent down.  The 30 year fixed rate mortgage programs have also disappeared.  The new loan programs require a fully documented loan with 25 percent down.  These loans are only offered as 3 and 5 year Adjustable Rate Mortgages.  These are the programs that most banks use to give buyers loans on new purchases.

Three Condominiums in Panama City Beach now have financing problems.  Emerald Beach, Shores of Panama, and Tidewater are all on a list of condominiums that these programs will not finance.  Emerald Beach is classified as a Condotel because of Wyndham's purchase of the entire tower III.  Tidewater was classified for its beach not being big enough for the number of units in the building (I didn't understand that one either).  Shores of Panama was classified due to its bankruptcy (This should change as they emerge from bankruptcy).

The good news is that some of the local banks are starting to make capital available for condominium purchases.  Some of these are even at a 30 year fixed rate mortgages available.  I have created three forum posts for the different banks to let us know what programs they have available. 

Click here to discuss loan programs available at:

Emerald Beach Resort

Shores of Panama

Tidewater