I just read an article depicting the true picture of the status in selling condos in the Orlando, FL area. Selling a condo in the Orlando area is virtually impossible unless it is a Fannie Mae Home Path property or the condo complex is FHA approved (both very unlikely). The prices for condos are steadily decreasing because of this. Unless you are paying cash, your chances of purchasing on condo are slim to none. So, if the big mortgage lenders are not financing condos and if the condominium communities are not FHA approved, then who suffers?
In further reading this article, it appears a solution is in the future for those condo communities that apply for and are granted FHA approval for their complex.
To read the article in its entirety, go to http://rismedia.com/2010-12-06/fha-project-approval-a-crucial-step-in-selling-condominiums/.
