The Truth About Condo Loans

We’re well into the worst housing bust most of us will ever witness, yet we still get calls from bemused buyers who take it very personally when we tell them they can’t get a loan on an Orlando condo. “That’s ok, I have a great credit score” they say. “And a good job. And great pay. Don’t worry about it.” It’s almost as if they haven’t read a newspaper in the last 2 years.

And I do worry about it. Because you won’t get a loan right now (unless your community is FHA approved). Even Donald Trump couldn’t get a loan right now. No, not even with a large downpayment. And here’s why. It’s nothing personal. On the contrary: it’s not about you, the buyer, any more. It’s all about the community you want to buy into.

Thanks to Krista Falcon down at Mirabella condos near Disney for sending this over. (Incidentally, Mirabella is FHA approved… a big deal in the current market place) Contact Krista directly for more info on Mirabella condo sales: TEL 407-239-6269.

For more info on FHA loan changes, see this article.

(Click article to expand.)

2 Comments

  1. I agree with your conclusions. We need to get some more liquidity in the financial market before vacation home pricing can comfortably stabilize.

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