Due to the economic downturn, lending criteria for condominium financing had become more stringent. However, loans have been readily available to qualified buyers who have built strong credit histories and demonstrated the ability to provide down payments of 20 to 30 percent. These opportunities include five-year ARMs and 15-year or 30-year fixed loans.

The condos available at Laketown Wharf and Shores of Panama offer an exception to these limited, but available, financing options. While recent research has not revealed any loan programs available at Laketown Wharf, one bank has been offered mortgages at Shores of Panama with a required 30 percent down payment and an interest rate that exceeds seven percent.

The Federal Housing Administration’s decision in February to present Splash condominium with a special approval designation gave more lending options to approved lenders. The Special Approval Designation means that Fannie Mae will accept qualified 30-year fixed rate loans, for secondary residences, on this particular condominium, from its approved lenders. Calypso was accepted under Fannie Mae's Special Approval Designation for a nine-month period on June 10, 2011. This exciting opportunity should inspire other condominium association managers to seek approval for the special designation.