The Orlando Condo Blog

Sometimes it’s just easiest to remember that (with one or two exceptions) there are no loans on condos right now.
For those interested in the detail, HUD just changed its condominium rules again for those seeking FHA approval, but I’m not sure it really changes anything for the average buyer.
HUD has relaxed its controversial requirement that at [...]

Effective March 1, Fannie Mae (FNMA) the folk the make conventional loans “conventional” are planning to further tighten the condo guidelines on which mortgages they will buy on the secondary market. It could be argued that it makes no difference since they are already impossible in most cases, leaving only FHA backed loans as an option.
Additionally, [...]

The last few months we’ve been explaining how impossible it is to get a condo loan these days - particularly on bank owned Orlando condos, regardless of credit score, money down – or job.
Well you’ll be pleased to know there are one or two exceptions – but they’re a rare find.
Condos that are FHA approved or Fannie [...]

I hate to beat a dead horse, but… each day we get folk calling in on Orlando condo conversions – foreclosed –  that cost under $50K – and they want to finance them. When we tell them it will be very difficult, we get the “Oh that’s not a problem - I have a great credit score [...]

With mortgages so hard to come by, investors who can’t pay “all-cash” are having a hard time scooping up some of today’s “fire sale” deals – which can be incredibly frustrating. It’s like being (a diabetic) kid in a candy store. (I’m diabetic so I know how that feels.)
However since first time home buyers are not subject [...]

Multiple Offers are soooo 2006… Well if you think so, take a deep breath because while it might seem ludicrous to make an offer on an Orlando condo – or any other home, if it means competing with another buyer, things have started to change. In the last few weeks, there has been a sharp rise [...]

The new year is upon us.  2009.  Wow.  This time last year gasoline was over $4.00 a gallon, all five of the major investment banks still existed, our country hadn’t ‘bailed out’ any major institutions, and Barack Obama and Hillary Clinton were still battling for the democratic nomination.  Seems like so long ago already.
2008 shook [...]

What the left hand giveth, the right hand taketh away…
After the good news that Fannie Mae will no longer treat vacant and foreclosed condos as non-owner occupied comes news of ever more underwriting restrictions.
January 15, 2009 is the cutoff date when Fannie Mae toughens its policies on condo properties in the Sunshine state – potentially putting a [...]

HUGE news for would-be condo investors: Fannie Mae has finally changed the rule that has been strangling condo sales. From now on, when new investors apply for financing on a condo unit, no longer will vacant and foreclosed condos be counted as non-owner occupied.
Until now, Fannie’s long-time policy has been to bar new investor loans in [...]

“Ok, well keep me posted if you see any good deals.”
I hear this all the time from would-be buyers on the phone who are stuck in the mud and never quite satisfied with what’s on the table. These folk never buy, because they’re always wating for something better to come along. “Sure,” I say.
What I [...]

Over the last few days, lenders have received many questions in regards to the availability of mortgage funds in the credit markets. Now that the Federal Government controls Fannie Mae and Freddie Mac in addition to FHA and VA, these traditional sources of mortgage funding are still readily available. In addition, working with a direct [...]

Thursday, August 21, 2008
Orange County Convention Center
North Building – 3rd Floor – Room N320
9400 Universal Blvd.
Orlando, FL 32819
2:00 p.m. to 8:00 p.m. EST
RSVP: 407-685-9882
Contact: Mark Lindsey, Abernathy MacGregor. msl@abmac.com (310) 343-5844.
The nation’s second largest mortgage insurer PMI Group (www.pmi-us.com) has released its annual Economic Real Estate Trends report, and the study reveals [...]

One of the most serious misconceptions for potential home buyers right now is the idea that they’ll qualify for a mortgage “no problem”. If you’re an all-cash buyer, you can ignore everything that follows, but if you’re an investor looking to leverage, listen up – because the days of telling your Realtor “Don’t worry about [...]

You guys may notice a new logo at the top of this newsletter.  Your friendly local mortgage     professional has decided to hang his hat at a new brokerage, opening up access to almost twice as many lenders and, most notably, FHA financing.  The government’s working for ME now.  Take THAT, Uncle Sam.  Aside form that, [...]

“You put down 20% and get a 30-year fixed-rate mortgage at today’s rate of 5.5%. Monthly principal and interest come to $994.31. Let’s say that 12 months from now the same house goes for 10% less, or $197,010. But by then the recession is history and the Fed is jacking up rates to stem inflation. [...]

A couple of weeks ago, we forecast the mass buyout of cheap condos by investors which could reduce condo inventory and begin to threaten Florida’s “buyer’s market.” Now, the Miami Herald reports that Jorge Perez, south Florida’s condo tycoon, is setting up a $1B fund to purchase some of these troubled condo developments. As this happens, condos become [...]

Fiction: Inquiries from multiple mortgage lenders while shopping for a loan will lower my credit score.

Fact: Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though you’re only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in [...]

Dear Sherry: What’s the difference between getting pre-approved and pre-qualified for a mortgage? I hear these terms used interchangeably – are they the same thing?
Though a prequalification and a pre-approval may seem to be the same thing, the differences are quite significant. Both require specific information from homebuyers. But that’s where the similarity [...]

I recently spoke with a buyer who was interested in being pre-approved to purchase a new condo. After our initial meeting, we reviewed his credit and to his dismay his credit rating was much lower than anticipated. A further review of his credit revealed several open accounts with balances that he did not recognize. It [...]

Dear Sherry: I’m purchasing a new condo and I’m really having a hard time comparing the different good faith estimates that I’ve received from various lenders. Why isn’t there an identical form every lender fills out with charges, similar to tax paperwork?
Signed: Confused and Frustrated.
Dear Confused and Frustrated: It’s true, it can be confusing. But every potential [...]