More FHA financing may lift Orlando’s condo market

Miami /
Oct.October 08, 2016 02:00 PM

Orlando’s condo market could get a lift from a new law enabling condo buyers to finance unit purchases with mortgage loans backed by the Federal Housing Administration (FHA) in buildings where the units are mostly rented. The maximum portion of rented units will rise to from half to two-thirds, making unit buyers at more condo buildings eligible for FHA-backed mortgage loans to finance their purchases.The new law becomes effective October 27.

Owners of Orlando-area condos and realty agents said broader availability of FHA-backed mortgage financing could hasten the Orlando’s slow recovery from the 2007 housing crash. Thomas Allen, broker for Orlando realty firm Urbanista, told the Orlando Sentinel the new law “would boost our business big time.” The median price of condos in the Orlando area is $106,900, way down from the $182,700 peak in 2006, according to Zillow.  [Orlando Sentinel]Mike Seemuth


Related Articles

arrow_forward_ios
Richard Swerdlow and Bruce Goldstein 

Betting on distress: Bulk condo website launches, aimed at investors

Betting on distress: Bulk condo website launches, aimed at investors
Nick Pérez and Solemar (Courtesy of Related)

Related Group launches sales of first SoFla condo project since 2016

Related Group launches sales of first SoFla condo project since 2016
From left: Henry Torres, Jorge Perez, Alicia Cervera Lamadrid, Gil Dezer and Joseph Kavana (iStock)

“Anything and everything is negotiable”: Incentives for condo buyers mount in Miami

“Anything and everything is negotiable”: Incentives for condo buyers mount in Miami
(iStock)

A buyer’s market: Condo supply soars in downtown Miami

A buyer’s market: Condo supply soars in downtown Miami
Judge gives Regalia developer A year to sell remaining units

Bankruptcy judge gives Regalia developer a year to sell PH and beach house

Bankruptcy judge gives Regalia developer a year to sell PH and beach house
Alta Developers CEO Raimundo Onetto and Le Parc at Brickell rendering

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects
(Credit: iStock)

Luxury condo prices drop in downtown Miami amid lockdown

Luxury condo prices drop in downtown Miami amid lockdown
From left: Roberto Blanch, Dennis Eisinger, Sebastian Jaramillo, and Paul Kaplan

South Florida HOAs and condo associations prepare for a drop in collections

South Florida HOAs and condo associations prepare for a drop in collections
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...