Mortgage Financing for Orlando Condo Hotels, Orlando Vacation & Investment Property

Good News!

We are fully aware of the difficulty condo hotel, resort vacation condo & investment property buyers have been facing, when securing mortgage financing. Many have been forced to use all cash for their purchases.

The good news is we have a new source of financing.

NON-Warrantable Condo Loan Program

• The down payment varies depending on your credit FICO score
• The down payment varies for Second homes and Investment Properties
• Offering Interest only and Fully Amortizing Mortgages

Call us for details 407-876-5771 Free Pre Approved

Orlando Real Estate July foreclosures up 37%

The number of Orlando area houses in some state of foreclosure in July rose 37 percent compared to the same month in 2008, as fallout from the weak economy and depressed housing prices continued to spread.

RealtyTrac, an online real estate listing business, reported 7,248 Orlando foreclosures in Orange, Seminole, Osceola and Lake counties last month, up from 5,286 a year earlier. The area had 6,667 foreclosures in June.

Florida’s foreclosure volume was second only to California in July as 56,486 Florida dwellings went into foreclosure during the month, rising from 45,884 in July 2008, a 23 percent increase.

Orange County had the greatest number of foreclosure activity in July with 4,150, 41.9 percent more than a year earlier. Seminole followed with 1,133, a 67 percent increase. Lake recorded 1,010 incidents of foreclosure activity, double the number last year. Osceola trailed with 955, 19 percent fewer than in July 2008.

Nationwide, the flood of foreclosure filings continued as 360,149 default notices, scheduled auctions and bank repossessions were reported on properties in July, an increase of nearly 7 percent from the previous month and an increase of 32 percent from July 2008. The report also shows that one in every 355 U.S. housing units received a foreclosure filing in July.

For the 31st consecutive month, Nevada recorded the nation’s highest state foreclosure rate, with one in every 56 housing units receiving a foreclosure filing in July — more than six times the national average. Vermont continued to be the lowest, with only 11 foreclosure filings in July, or one for every 28,312 housing units.

The RealtyTrac U.S. Foreclosure Market Report provides the total number of properties with at least one foreclosure filing reported between January-June of this year. Data is collected from more than 2,200 counties nationwide, accounting for more than 90 percent of the U.S. population. If more than one foreclosure document is filed against a property during the period, only the most recent filing is counted in the report.

Source: Orlando business Journal - Christopher Boyd

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