For several years now, condo loans have been difficult or non-existent. Condo loans were considered a risky investment as the real estate market collapsed. The good news is that loans for condos in the Orlando area are back again. This is terrific for those who wish to live here year round or have a vacation home in the beautiful Disney Area, close to golfing and fun.
Banks had stopped lending as the ratio of investor to residents was too high and the condo was considered a high risk investment. Fannie Mae and Freddie Mac would not purchase back those loans from the banks, and those communities were banned.
The market is slowly changing, and some banks are coming back to the lending table. By issuing loans for their own investment portfolio, without the involvement of Fannie Mae or Freddie Mac, banks can now choose who will get their loans. They can lend on any type of real estate, whether it is a single family home or a condo. However, there is still a catch; the banks are asking for a 30% down payment on loans made to buy a condo. The buyer should be prepared to put hefty dollars up-front or pay cash in order to buy their dream condo.
We at Carlos German & Team are able to answer your questions regarding the financing of condos. We are specialists who know the nuances of financing your condo purchase as well as assisting you with the purchase of your dream home.
Now is a great time to discover your wonderful condo in the Disney Orlando area, whether it is for investment, to use as a primary residence or to spend time in the sunshine of a vacation home. We are here to help you take advantage of the great opportunity that today's market brings.