Orlando Condo Financing Today

Orlando Condo Financing

Buying Condos in Orlando’s Real Estate Market


Orlando Condo FinancingThere are 1,277 condos for sale in the metro Orlando market. However, only a small percentage of condominiums can actually be purchased with condo financing in Orlando. Most all Orlando condo financing has to be purchased with cash.


Condos are an excellent option for home buyers that do not want a yard to maintain, and what a lock and leave concept. Orlando does not have the same volume of condos as south Florida, but it does have its fair share of condos in each area.


You cannot always get Orlando condo financing on every condo building that you want to purchase. So its important to understand Orlando condo financing and ask for help from Buyers Broker of Florida.


Why is Orlando Condo Financing difficult?


Orlando condo financing became more difficult several years ago when home owners stopped paying their condo fees, so the condo association buildings, community, and financial status struggled.  The lenders no longer wanted to lend money on what they deemed a failing and risky  investment.   Those days have passed and condo associations have stabilized as the economy has rebounded and distressed properties are on the decline.  Although lenders have opened up options, they have still  not made it easy for buyers to obtain condo financing in Orlando.


In addition, condo associations have not made strides to make applications and pay fees for approval of  FHA, VA, or conventional loan financing.  Almost all l condo financing in Orlando is made by individual case-by-case basis by the lender.  Buyers Broker of Florida does know which condo communities  are financeable.


Here are your options for Orlando Condo Financing…


If you cannot pay cash for your condo purchase, then you can consider the following condo financing options from easiest to more difficult, but keep in mind the Orlando condo home search will not be easy.  You will need to be a diligent, and realistic home buyer.


  • Buy in Community that is already approved:   HUD and Fannie Mae has already reviewed the condo community and on their “approved” list.  This is the easiest option, but choice of condo communities are extremely limited, and budget will need to open.


  • Buy a Fannie Mae or Freddie Mac owned property:   These are bank foreclosures, and these institutions offer financing on their condos.   Fannie Mae Homepath financing is available with as little as 5% down for primary home, and mortgage insurance and appraisal fees are waived.  Freddie Mac has lenders offering similar lenders.


  • A minimum of 20% down payment:    You can put down 20% for a conventional loan if  it is a primary home.   Once you go to contract, the lender will review the condo association documents like a condo questionnaire.  This lender will then do a limited review, with no guarantee of a loan until the review is completed.


  • A minimum of 5% down payment:  This requires a minimum of 5% for conventional loan for a primary home. There very few direct Fannie Mae lenders that can offer this. Once the buyer has  a contract on the property, a FULL review by the lender will begin.   Because it requires a more detailed review, its even more unpredictable if the condo will pass the lenders strict requirements. There are never any guarantees.


Buyers Broker of Florida can help you navigate through the complexity of the Orlando Condo Market;  Call the experienced Buyers Agents at 407-539-1053

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