S 1794

Florida Senate - 2026  (NP)    SR 1794
By Senator Rodriguez
40-01862-26  20261794__
1Senate Resolution
2A resolution urging the alignment of condominium
3lending guidelines among all states and eliminating
4the disproportionate down payment requirements that
5uniquely burden Florida homeowners.
6
7WHEREAS, the Federal National Mortgage Association, in its
82025 Selling Guide, establishes that attached units in
9established condominium projects located in this state which are
10principal residences are subject to a maximum loan-to-value
11(LTV) ratio of 75 percent under a lender-limited review, and
12WHEREAS, that same guide allows attached units in
13established condominium projects located outside of this state
14to qualify for financing with a maximum LTV ratio of 90 percent
15under identical review criteria, and
16WHEREAS, condominiums are the most common form of attached
17dwellings and represent a path to first-time homeownership in
18many urban areas across this state, and
19WHEREAS, requiring a 25 percent down payment on such
20properties places homeownership beyond the reach of countless
21working families and young buyers, forcing them to delay or
22abandon their pursuit of the American Dream, and
23WHEREAS, these disproportionate and geographically
24selective lending restrictions have adversely affected millions
25of Floridians, constraining access to credit, limiting economic
26mobility, and reducing real estate market activity that fuels
27local economies, and
28WHEREAS, this disparate treatment has resulted in
29significant economic consequences, including diminished
30condominium sales, reduced property tax revenues, and lost
31opportunities for generational wealth creation throughout this
32state, and
33WHEREAS, the United States recognizes that equal access to
34credit is a cornerstone of fair housing, and the Civil Rights
35Act of 1866 guarantees equal rights to purchase and sell real
36property, and
37WHEREAS, the Fair Housing Act, the Equal Credit Opportunity
38Act, the Federal National Mortgage Association, and the Home
39Mortgage Disclosure Act prohibit discrimination in housing and
40lending practices based on geography or any other protected
41category, and
42WHEREAS, Floridians deserve the same equitable access to
43mortgage credit and homeownership opportunities afforded to
44citizens in all other states, NOW, THEREFORE,
45
46Be It Resolved by the Senate of the State of Florida:
47
48That the Federal Housing Finance Agency is urged to direct
49the Federal National Mortgage Association and the Federal Home
50Loan Mortgage Corporation to eliminate the increased down
51payment requirements imposed on Florida condominium buyers when
52requesting a lender-limited review of an established project,
53thereby ensuring parity and fairness in the housing finance
54system nationwide.
55BE IT FURTHER RESOLVED that copies of this resolution be
56dispatched to the President of the United States, the President
57of the United States Senate, the Speaker of the United States
58House of Representatives, and to each member of the Florida
59delegation to the United States Congress.