June of last year Splash and Calypso condominium received a Special Approval Designation from Fannie Mae. This allowed approved lenders to offer qualified 30-year fixed rate loans on these condominiums. Splash was just re-approved for this program. This approval extends Splash condominium’s eligibility until February 16, 2013.

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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.

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Financing a condominium in Panama City Beach can be quite a challenge these days, a situation that has existed for some time now. Beginning early in 2009, condominium lending fell into a sharp decline. At present, there are apparently just three banks offering consistent loan programs for condominiums in this area. Vision Bank, Regions Bank and Compass Bank all have programs available for many local condominiums.
Now, two more condominiums have made the banks' "No interest in lending in this building list."  Calypso and Splash Condominiums have been added to the properties for which bank financing is not available. Association litigation led to Calypso's inclusion, but Splash was added

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