New Federal Financing Rules Could Jumpstart Orlando Condo Market
Posted by Team Donovan on
Thinking about buying an Orlando condominium as a second home or vacation property? A new federal law set to take effect October 27Â could make financing that purchase a little easier.
The new law will allow buyers to get federally-backed mortgages to purchase condos in buildings where two-thirds of current residents are renters. In the past, at least half of residents had to own units to meet the mortgage rules.Â
Condo prices in Orlando and in Polk County, which is near Disney World, have been slow to recover since the housing market began its collapse a decade ago. According to Zillow, Metro Orlando’s midpoint prices for condos are $106,900 – far below their peak of $182,700 in 2006.Â
Cash investors began buying properties when the market…